International Petroleum Investment Company (Ipic), the state controlled Abu Dhabi investment fund focusing on the energy sector, is falling in line with the emirate’s goal of diversifying its economy by broadening the scope of its investment policy to include industry and agriculture.

Oil rich Abu Dhabi is moving away from its dependence on hydrocarbons by fostering the growth of the downstream petrochemicals sector and basic industries, and has spelled out this ambition in this 2030 economic vision.

The emirate is sinking billions of dollars into this vision. Its most high profile project is the Kizad industrial zone in Taweelah, which will eventually stretch over 417 square kilometres, and houses the 750,000 tonnes a year (t/y) Emirates Aluminium smelter as its fist occupant. Other projects include the Borouge petrochemicals complex in Ruwais. The Ferrari World theme park on Yas Island is an example of efforts to make Abu Dhabi attractive to tourists.

Ipic are now joining the effort. “Ipic has made it a priority to create new economic opportunities to achieve comprehensive growth and increase its entry into new investments in sectors it hasn’t visited before such as investment in the agriculture and industrial sectors,” said Khadem Qubaisi, the company’s managing director, in a statement.

Ipic recently made headlines by announcing it would invest in a $3bn refinery in the northern emirate of Fujairah. It also signed a have signed an investment agreement with the Oman Oil Company, which could facilitate the development of a large downstream complex in Oman, and is mooted to restart refinery projects in Morocco and Jordan.