David Clark, CEO of PSN Emirates, a unit of Abu Dhabi’s Mubadala, has said the firm plans to set up joint ventures across all the Gulf states by the first-quarter of 2011, as it targets projects worth $1.7bn, Reuters has reported. The joint ventures in Saudi Arabia, Kuwait and Oman are in advanced stages and would likely be operational early next year, he said. “The market potential is huge in the Gulf. We are actively bidding in these markets and would like to have an on-the-ground presence,” Clark told the news service.