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Dh3-4 billion worth of projects under design in areas of AI, life sciences: Masdar City CEO

Dh3-4 billion worth of projects under design in areas of AI, life sciences: Masdar City CEO
16 Apr 2024 21:20

ABU DHABI (WAM)

CEO of Masdar City, Ahmed Baghoum, revealed that there are projects under the design phase with an investment cost ranging between Dh3-4 billion that target critical sectors like energy, artificial intelligence, space, life sciences, and agriculture.

Speaking to WAM on the sidelines of the first day of the World Future Energy Summit, hosted by Abu Dhabi Future Energy Company (Masdar), he said that the total value of projects currently under construction at the City is estimated at around Dh1 billion.

This includes the Masdar City Complex and ‘The Link’, scheduled for completion in mid-2025.

Baghoum stressed that Masdar City is currently focusing on vital sectors including energy, AI, space, the life sciences and agriculture.

He noted that all of these areas are important for Abu Dhabi in particular and the UAE in general, where “we are working to support and focus on them by attracting talent and partners.”

He added that there are discussions with foreign companies to relocate and establish their research centres in Masdar City.

“Masdar City is a world-class business and technology hub, operating at the highest international standards. It offers companies a compelling package of advantages and incentives, including full foreign ownership, exemption from income tax, and unrestricted currency exchange,” he explained.

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