Abu Dhabi is providing more opportunities to private sector companies to develop land owned by government agencies by reforming Musataha agreements.
The newly-structured Musataha agreements will allow for stronger partnerships between the public and private sectors, and aim to encourage investors to commit with confidence to long-term business opportunities in the emirate, Abu Dhabi Investment Office said in a statement. New agreements offer a "highly competitive pricing model with flexible and attractive terms", it added.
“We have taken steps to add flexibility and efficiency to the form of Musataha agreement to be entered into between a private sector participant and government, to increase investor confidence,” Tariq Bin Hendi, director general of Abu Dhabi Investment Office, said.
“By unlocking the potential of our land, Abu Dhabi is providing investors and companies with increased opportunities to bring bold projects to life. We already have a strong pipeline of projects in place and are keen to grow this further.”
ADIO said it is working with partners across government departments that will support investment in sectors such as food production and processing, leisure and tourism, technology, industry, energy and community services.
In the food production sector alone, it is working with the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) on a Dh1 billion pipeline of projects using sophisticated farming methods that could quickly move to commercial production, significantly increasing the supply of local produce.
The new move comes as Abu Dhabi aims to attract new investments and diversify its economy away from oil.
“Unlocking the full potential of Abu Dhabi’s public land is an important step towards unleashing the full power of our economy,” Mohammed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said. “Long-term investment decisions that stretch decades into the future require certainty and clarity from the outset.”
