31/03/2016 07:21 AST
The UAE government plans to develop 17 new projects worth Dh1.5 billion ($408 million) during 2016-2017 period in the Eastern region.
The announcement was made by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during his recent visit to the East Coast.
Sheikh Mohammed later reviewed the progress of projects worth Dh7 billion ($1.9 billion) being implemented by the Ministry of Infrastructure Development. These include residential support programmes, building new residential complexes, roads, schools, health centres and government buildings.
The projects scheduled for this year include construction of the first phase of sport complexes in Ras Al Khaimah and Fujairah, three cultural centres, sports centres, along with seven kindergarten, primary and secondary schools, said a statement from the Ministry of Finance.
The projects scheduled to be implemented by next year include Dubai- Fujairah highway, creating and raising the efficiency of Dibba- Massafi road (Phase II), extending Emirates Road (Phase II), extending the road between Al Aqran roundabout -Umm Al Quwain and Ras Al Khaimah ring road, developing the road Massafi – Fujairah, upgrading the road between Al Tawyeen roundabout – Emirates Road – Al Ittihad Road, developing Al Ittihad road (E88) Sharjah – Dhaid- Massafi , Maliha street from Sheikh Khalifa bin Zayed Street, (E311) road from exit (119) to the intersection of Umm Al Quwain – Falaj Al Mualla, in addition to construction and completion of internal roads and links for residential complexes.
The eastern region enjoys a strategic location and is a gateway to the UAE, and has high potential to attract more foreign investments to the country, strengthen the country’s network of partnerships and economic relations that are managed by the Ministry of Finance (MoF), and cooperation with many international investment institutions, said the statement.
Being the primary engine for funding of initiatives and development projects implemented by the federal government, over the past years, finance ministry was keen to take forward a number of projects that aim to support the development process for the UAE’s eastern region, which includes Fujairah, Khor Fakkan, Kalba, Dibba Al Fujairah and Al Hosn, it added.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed the ministry’s commitment to adopt a strategy aimed at providing the necessary financing to improve the implementation of infrastructure projects within the UAE.
"This is following the directives of our wise leadership to enhance the levels of development in the eastern region, provide the necessary financial requirements to implement these projects as per the specified timeline and based on the highest international standards," observed Al Tayer.
"To have a developed and high quality infrastructure is considered as a prerequisite to develop countries, improve the standards of living and stimulate the business environment, as shown in global competitiveness reports," said Al Tayer.
"The Ministry of Finance has played, through the allocated financial resources to support the infrastructure development and maintenance, an important role in positioning the UAE as third on the infrastructure indicator as per the Global Competiveness Report 2014-2015," he added.
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