Off the wire
• China beats Croatia after penalty shout-outs in China Cup  • Weather forecast for world cities -- Jan. 14  • Weather forecast for major Chinese cities, regions -- Jan. 14  • 1st Ld-Writethru: Roast-duck vendor dies from H7N9 bird flu in central China  • U.S. warns citizens to avoid Kenya-Somalia border over terror attacks  • Top news items in Kenyan media outlets  • Railway trips surge as Chinese start Spring Festival travel  • Top news items in Ethiopia's major media outlets  • Myanmar earns over 1 bln USD from beans, pulses export in first 9 months of 2016-17  • 1st Ld-Writethru: Beijing to spend billions to tackle air pollution in 2017  
You are here: 　 Home

Abu Dhabi posts rise of 8 pct in luring investment

Xinhua, January 14, 2017 Adjust font size:

DUBAI, Jan. 14 (Xinhua) Foreign Direct Investments (FDIs) in UAE capital Abu Dhabi grew eight percent year on year, equaling 95.145 billion dirham (25.92 billion dollars) compared with 88.95 billion dirham (24.24 billion dollars) in 2015, UAE state news agency WAM reported Saturday.

The WAM report quoted new figures issued by the Statistics Center Abu Dhabi (SCAD) for 2016.

The results indicated that 20.2 percent FDIs have gone to manufacturing industries, with a growth rate of 11.2 percent compared to 2015 when manufacturing industries received 19.5 percent of FDIs.

The share of FDIs into the property market, on the other hand, has declined.

Investments in real estate activities, including "real estate sales to non-residents", has taken 25.2 percent of FDIs to 27 percent of the total DFI, or 23.793 billion dirham in 2015, according to the SCAD figures.

According to global property consultancy JLL, 2016 saw a "general softening" of real state prices in Abu Dhabi as the low oil prices weighed on the economy.

The estimates has shown an increase in FDIs in financial and insurance activities, from 13.338 billion dirham (3.64 billion dollars) in 2015 to 14.672 billion dirham (four billion dollars) in 2016, with a growth rate of 10 percent in 2016.

Abu Dhabi hosts the UAE's new financial free zone, the Abu Dhabi Global Market which started operations in late 2015 and welcomed the first foreign banks last year, among them Aberdeen Asset Management from the United Kingdom and Australia's Macquarie Capital.

SCAD's report noted that the share of the extracting industries (including crude oil and natural gas) in FDIs has grown by 11 percent in 2016.

Khalifa bin Salem Al-Mansouri, Abu Dhabi Department of Economic Acting Undersecretary, said "the results of SCAD's annual report reflects the efforts exerted by relevant local government bodies in managing and implementing FDIs-related policies and incentives," he added.

Under the government's strategic plan "Abu Dhabi 2030" the UAE capital emirate aims to reduce its dependency from hydro-carbon exports by diversifying the economy. Endit