The United Arab Emirates will invest $136 billion in its aviation industry over the next 10 years in an ongoing bid to diversify its economy, the UAE Minister of Economy said.
In remarks carried by state news agency Wam, H.E. Sultan bin Saeed Al-Mansouri said the UAE wanted to capitalize on its transport and communications infrastructure.
Al-Mansouri said air traffic increased 11.5% in the UAE in the first half of the year.
"Over the next 10 years, the UAE will be investing 500 billion dirhams ($136.1 billion) in its aviation infrastructure improving connectivity and cementing our reputation as a key growth driver in global aviation," he said.
The country is home to Dubai's Emirates airline, the largest customer for the Airbus A380 superjumbo, as well as Abu Dhabi's Etihad Airways, and Sharjah's Air Arabia.
Last year, Boeing and Abu Dhabi's government-owned investment firm Mubadala signed an aerospace pact to help the emirate launch its fledgling aerospace industry