7.19 PM Thursday, 28 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:57 06:11 12:27 15:53 18:37 19:51
28 March 2024

Abu Dhabi 2008-2016 projects put at Dh1.3trn

Published
By Staff

Abu Dhabi is expected to pump a whopping Dh1.3 trillion into projects in eight years starting from 2008 and nearly half of the investments will cover the construction sector, according to local estimates.

The massive projects have given a strong push to the emirate’s economy over the past few years despite unstable oil prices, with real GDP expanding by around 3.4 per cent in 2011, the Abu Dhabi Chamber of Commerce and Industry said in a study released this week.

It put GDP growth at four per cent this year and said growth would cover all sectors, including oil and the government and private sectors.

“Abu Dhabi has announced its plans as to the completion of a large number of strategic projects in 2008 – 2016. Existing data indicates that forecast fixed investments are in the region of Dh1,300 billion, almost half of which is channeled into the field of building and construction,” the report said.

“Furthermore, concerned entities in the emirate have covered some way in the implementation of such projects. The shares of the tourism and industrial sectors will be 17.7 and 14.6 per cent out of the total investments predicted for each of the two sectors respectively in the said period.”

A breakdown showed investments in the construction sector are estimated at around Dh650 billion while they were put at Dh230 billion in tourism, nearly Dh190 billion in non-hydrocarbon industry, Dh170 billion in oil and gas, and about Dh60 billion in electricity and water.

The report showed fixed capital formation (investments) in the emirate, the main oil producer in the UAE, would surge to Dh193 billion in 2012 from around dh172 billion in 2011. Oil investments are projected to rise to Dh31 billion from Dh27 billion while those in services will likely swell to Dh109 billion from Dh98 billion and in productive sectors to Dh31 billion from Dh27 billion.

A GDP breakdown showed the oil sector is expected to grow to Dh385 billion from Dh347 billion while the government sector will expand to Dh133 billion from Dh126 billion and the private sector to Dh232 billion from Dh218 billion.