Monday 25 May 2020

Abu Dhabi FDI gets $1.6bn boost from building sector

ABU DHABI, April 17, 2019

Abu Dhabi's government said the contribution of the building and construction sector to the emirate's foreign direct investment (FDI) surged five per cent last year to hit Dh6 billion ($1.6 billion).

Activities of the real estate sector in the emirate grew at constant prices by one per cent in 2018, making the property sector one of the major contributors to the real non-oil GDP at 8.2 per cent last year, according to senior economic official.

Saif Mohammed Al Hajeri, the chairman of the Department of Economic Development – Abu Dhabi, was  speaking on the sidelines of the opening of Cityscape Abu Dhabi, the emirate's leading international real estate investment and development event yesterday (April 16).

The UAE capital's property sector has seen rapid growth after it attracted mega investment over the recent years, becoming a dynamic sector and a major contributor to the emirate's GDP, he added.-TradeArabia News Service


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