Construction and building contribute $1.6bn to Abu Dhabi FDI in 2018

Construction and building contribute $1.6bn to Abu Dhabi FDI in 2018
Construction contributed to Abu Dhabi's FDI in 2018
Published: 18 April 2019 - 5:15 a.m.

The construction and building sector contributed $1.6bn (AED6bn) to the foreign direct investment (FDI) recorded by UAE capital Abu Dhabi in 2018.

Speaking at Cityscape Abu Dhabi 2019, Saif Mohammed Al Hajeri, chairman of the Department of Economic Development in Abu Dhabi, said: “The emirate’s property sector has witnessed rapid growth after it attracted mega-investment over [last] year, becoming a dynamic sector and a major contributor to Abu Dhabi’s GDP.”

According to Al Hajeri, activities within the capital city’s real estate sector significantly boosted Abu Dhabi's non-oil GDP, which stood at 8.2% in 2018, according to UAE state news agency, Wam.

Earlier this month, data from Abu Dhabi’s Statistics Centre (Scad) showed that construction work was carried out on 3,566 buildings in Abu Dhabi last year as the UAE capital sought to meet the needs of its growing population, with an average of 297.1 buildings being constructed per month and 9.7 per day.


Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha