Abu Dhabi plans to spend Dh330 billion ($90 billion) on development projects over the next five years, the emirate’s Executive Council has said.

“The allocations ... are in line with the Abu Dhabi government policy to diversify its economic resources and reduce dependence on oil and gas industry revenues,” the council said in a statement.

The plan includes building more than 12,500 houses as well as schools, roads and other infrastructure, said the government of Abu Dhabi, the largest of the seven UAE emirates. The council said it was improving the investment environment by offering incentives and better facilities to companies. Some Dh3 billion ($817 million) worth of housing loans would be provided under the 2013-2017 plan.

“Social development projects were given priority in the council’s deliberations due to their direct impact on public life,” the statement said.

Abu Dhabi’s economy was expected to grow 3.9 per cent in 2012, lagging previous forecasts, but should pick up in the next few years, the Department of Economic Development said in September.