(Bloomberg) -- Abu Dhabi is looking to add an additional $25 billion to its gross domestic product by 2045 through a newly launched unit focused on agriculture growth and water security.
The Agrifood Growth and Water Abundance Cluster or AGWA is also meant to attract investments worth 128 billion dirhams ($34.8 billion) during the same period, according to a statement by the emirate's Department of Economic Development on Saturday.
The unit will create over 60,000 jobs in the city and lead to exports of more than 50 billion dirhams through employing advanced technologies and focusing on sectors like food ingredients and water treatment.
“These efforts are integral to our strategy to diversify Abu Dhabi's economy and ensure resilience and sustainability,” according to the statement.
The United Arab Emirates, of which Abu Dhabi is a part, is arguably the most economically diversified among oil-rich Gulf neighbors.
Read: Abu Dhabi Non-Oil Economy Booms Amid Push to Attract Businesses
Abu Dhabi's financial sector grew substantially last year with several major firms opening offices in the city or moving senior executives there. Among those were Goldman Sachs Group Inc., Brevan Howard Asset Management and Ray Dalio's family office.
The launch of AGWA “is part of our multi-polar strategy to future-proof the economy, enhance sustainability,” said Ahmed Jasim Al Zaabi, chairman of the Department of Economic Development. “We are developing appropriate frameworks and building synergies to enable investors to benefit from opportunities provided by AGWA.”
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.