Abu Dhabi, capital of the United Arab Emirates and the holder of most of the country’s oil, approved plans to set up an office to oversee and develop industrial projects, an official said.
The Abu Dhabi Industrial Development Bureau will be responsible for strategies to encourage petrochemicals, oil, manufacturing and other “vital” industries, Mohammed Omar Abdulla, undersecretary of Abu Dhabi Department for Economic Development, told reporters. A law authorizing the new bureau may be ready this year, he said.
The office will set industrial regulations, Abdulla said today in the capital, which is also the largest of the U.A.E.’s seven emirates.
The Persian Gulf country contains about 6 percent of the world’s proven crude oil reserves, according to BP Plc, and produced 2.63 million barrels a day in October, data compiled by Bloomberg show.