Abu Dhabi got $3.3 bn investment in 2007: report

August 7th, 2008 - 10:59 am ICT by IANS  


Abu Dhabi, Aug 7 (IANS) The volume of investments in the economic zones of the emirate of Abu Dhabi in the United Arab Emirates (UAE) rose to 12 billion dirhams ($3.3 billion) in 2007, according to a new report. According to the “Socio-Economic Report (2007) for Abu Dhabi Emirate”, released by the Abu Dhabi Department of Planning and Economy, the economy of the emirate continued perform strongly throughout 2007, the state-run Emirates News Agency (WAM) reported.

“Abu Dhabi’s gross domestic product (GDP) rose from just 149 billion dirhams ($40.6 billion) in 2002 to 400 billion dirhams ($108.9 billion) in 2007, a significant growth of 8.12 percent per annum,” the report quoted Butti Ahmed Mohammed Bin Butti Al Qubaisi, executive director for planning and statistics at the Department of Planning and Economy, as saying.

“None oil and gas GDP stood at 159 billion dirhams ($43.3 billion) in 2007 against 85 billion dirhams ($23.1 billion) in 2002,” he added.

The report attributed this brisk economic growth in Abu Dhabi to the massive diversification programme the emirate’s government has adopted, leading to multiple sources of income.

According to Al Qubaisi, social support and services have also improved with a hike of social benefit by 75 percent in 2006. The minimum social support was increased to 2,200 dirhams ($599) due to rising cost of living.

The report projected more growth for Abu Dhabi’s economy during 2008.

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