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Abu Dhabi will inject a total of Dhs330 billion to help fund capital projects and other initiatives in the emirate up to 2017, the Abu Dhabi Executive Council has announced.
The capital projects, which will involve the private and public sectors, will encourage economic development in various sectors in the emirate, it said.
The council however stressed that the projects should be in compliance with "the standards which guaranteed, when implemented, the achievement of the objectives stated in the Abu Dhabi 2030 vision," reported official news agency WAM.
"This vision aims to foster Abu Dhabi progress and development as it should be and strengthen the UAE's status as an economic and social example to be emulated by other world countries," Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi's Crown Prince and chairman of the Abu Dhabi Executive Council said during a council meeting on Sunday.
A part of the financial allocation will be used to create 5,000 new job opportunities for UAE nationals in 2013 in various sectors, said the council.
The Abu Dhabi government has already been offering training courses to qualified Emiratis and many are also being sent abroad to gain international experience and technical skills, it added.
As part of its vision 2030, the emirate aims to reduce unemployment among the national population to five per cent.
The allocations are part of the Abu Dhabi government's efforts to diversify its economic resources and reduce dependence on oil and gas revenues.
The council also announced that the government has launched several initiatives to improve Abu Dhabi's investment environment, such as specialised economic zones that will offer exemptions to investors and advanced infrastructure facilities.
UAE-based distributor Gargash Motors will also be enhancing its Alfa showroom in Dubai
Abu Dhabi's International Petroleum Investment (IPIC) owns all of Cepsa and is the biggest shareholder in Cosmo.
The move by the Abu Dhabi state-owned investment fund casts doubt on whether this key part of the emirate's infrastructure plans will go ahead.