Abu Dhabi’s government said the contribution of the building and construction sector to the emirate’s foreign direct investment (FDI) surged five percent last year to hit Dh6 billion ($1.6 billion).
Activities of the real estate sector in the emirate grew at constant prices by one percent in 2018, making the property sector one of the major contributors to the real non-oil GDP at 8.2 percent last year, according to a senior economic official.
Saif Mohammed Al Hajeri, the chairman of the Department of Economic Development – Abu Dhabi, was speaking on the sidelines of the opening of Cityscape Abu Dhabi, the emirate’s leading international real estate investment and development event on April 16.
The UAE capital’s property sector has seen rapid growth after it attracted mega investment over the recent years, becoming a dynamic sector and a major contributor to the emirate’s GDP, he added.
TradeArabia News Service