Sunday, August 31, 2008

Abu Dhabi Attracts Dh7.3 billion FDI

Original Article

ABU DHABI - Despite rising rents and soaring inflation, Abu Dhabi remains a popular business hub, as 8774 new firms setup new businesses in the emirate, while foreign direct investment (FDI) is estimated to surge Dh18 billion in year 2008.

“The bullish Abu Dhabi economy has attracted foreign direct investment amounting to Dh7.3 billion, in the first half of 2008, and this figure is set to reach Dh 18 billion by year-end compared with Dh16.5 billion in 2007, “ statistics released by Abu Dhabi Chamber of Commerce and Industry (ADCCI) showed.

“In 2007, the commercial sector captured the lion’s share with invested capital of Dh16 billion.

The professional sector received Dh307 million against Dh127 million for the industrial sector and Dh47 million for the vocational sector,” the ADCCI said.

Some 8,774 new companies were registered last year, giving a clear indicator to the vibrancy of the local economy.

The majority of licenses about 6000 were issued for the commercial sector 6,000, followed by the vocational 2,300, professional 338 and industrial 74.

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