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23 April 2024

Foreign investment hits Dh79bn

By Staff Writer


Foreign investment in the UAE in 2007 is believed to have risen to Dh79 billion, an increase of 15 per cent on the previous year, says the Ministry of Economy.

A survey of last year’s investment figures is to be carried out by officials, with the results being released within a few weeks.

The ministry has set up the first database of foreign investment covering the years 2004, 2005 and 2006 and a booklet containing the most important information will be published next week.

The financial brokerage and insurance sector received the largest share of direct foreign investment in the last two years – 34 per cent of the total – said Investment Department Director Nada Al Hashimi.

The construction and contracting sector came second with 29 per cent and the wholesale and retail trade third with 14 per cent. “The shares of these three sectors will increase in the coming years due to the large expansion in these areas,” she added. A draft law was currently before the technical committee of legislation at the Ministry of Justice, said Aref Al Fara, an economic consultant at the ministry.