Tuesday, September 18, 2007

Abu Dhabi economy to attract Dh1 trillion

Abu Dhabi economy to attract Dh1 trillion

ABU DHABI — With fixed investment expected to double and sustained growth in the years to come, Abu Dhabi’s economy is set to attract over Dh1 trillion in local and foreign capital, according to a new report issued by Abu Dhabi Chamber of Commerce and Industry (ADCCI).

ADCCI Director General Ahmed Al Mansouri said increase in the fixed investment in the emirate during the current year outpaced figures registered for the recent year by 400 per cent with total accumulated investment reaching around Dh295 billion for the years 2001 to 2006.

“These figures stand testimony to the dynamism, vibrancy and resilience of the emirate’s economy and its capacity to lure in more local and foreign investment due to sound policies adopted by the emirate’s government,” he added.

Abu Dhabi’s business philosophy, he said, revolves around optimum utilisaition of oil revenues,forging constructive public-private partnership, creating fertile investment ground for local, regional and global investors, introducing new flexible laws and diversifying the economic base in order to achieve sustainable development.

He noted that the booming construction and building sector is projected to establish itself as the most magnetic business sector in 2007 with total inward investment growing by 346 per cent to Dh580 billion against the previous figure of Dh130 billion.

Second in line is the tourism sector whose investment is expected to see a whopping growth of 820 per cent to more than Dh230 billion.

“Manufacturing sector is set to lure Dh130 billion in the next few years and Dh12 billion in the current year, an increase of 39.5 per cent over 2005,” he indicated.

According to the ADCCI chief, Dh2.4 billion was expected to be pumped in by investors in the wholesale/retail trade sector against Dh1.4 billion in 2005.

The restaurants and hotels sectors, he continued, could see a 50 per cent growth in investment, rising to Dh3.9 billion in 2007 from Dh2.6 billion in 2005.

As for the real estate and business services, an estimated amount of Dh6.8 billion is set to be ploughed in. The figure represented an increase of 78.9 per cent over 2005.

In 2007, the social and private services sector is set to receive a total investment of Dh2.5 billion compared with Dh2 billion in 2005.

Al Mansouri put the total value of foreign investor’s portfolio in the emirate at Dh420 billion.

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