Abu Dhabi has said its decision to withdraw from OPEC will enable the emirate to fast-track construction activity at a pace ten times faster than current levels.
“We do not want production limits imposed by others as we expand our economy and strengthen the industrial sector. That was the driving factor behind the decision to leave OPEC,” said UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei during the Abu Dhabi Infrastructure Summit on Tuesday.
“Our strategy is centred on growth. We are focused on creating a world-class nation and community,” he added.
Speaking during the summit’s opening session, officials revealed that the Abu Dhabi government is currently advancing USD57B worth of infrastructure investments spanning 500 projects, although further project details were not disclosed.
The UAE announced late last month that it would officially exit the Organization of the Petroleum Exporting Countries from the beginning of May.
“Returning to that decision, we are not accustomed to operating under restrictions set by others,” Al Mazrouei said while addressing questions about the departure from the organisation.
“The future expenditure of Abu Dhabi will account for well over half of the country’s total spending. What we achieved over the past five decades will be replicated within the next four to six years,” he said.
On Monday, Abu Dhabi unveiled USD15B in public-private partnership projects.
The programme includes 24 developments launched jointly by the Abu Dhabi Investment Office and the Abu Dhabi Projects and Infrastructure Centre, with projects expected to enter the market during 2026 and 2027.
