Foreign direct investment in Abu Dhabi grew 14 per cent last year, driven by increased financial sector spending, according to data from the Statistics Centre Abu Dhabi.
The amount reached Dh82.1 billion last year, up from Dh71.9bn in 2013.
Financial institutions increased their investments the most, with capital spending rising to Dh13.5bn from Dh10.1bn in 2013.
Real estate, at just under a third of all capital spending from abroad, continued to account for the largest share of foreign investment in the emirate. Investors spent Dh24.9bn on Abu Dhabi’s housing sector, marginally more than the Dh23.6bn spent in 2013.
Foreign investment in manufacturing grew 9 per cent, attracting Dh14.2bn of capital last year, compared with Dh13bn in 2013.
Last year, foreign investment in new UAE projects grew 11 per cent, as 302 new projects were launched, according to an FDI Magazine report on greenfield investment published this year. Total greenfield foreign investment was about US$13bn, the report said.
Inbound foreign direct investment is, however, dwarfed by massive investments made by the country’s sovereign wealth funds.
The UAE continues to run net deficits on the financial account of its balance of payments, meaning that it invests more abroad than others invest in the country. It accounts for about half of all outbound foreign direct investment from the Middle East and Africa, according to FDI Magazine.
The country ran a deficit of Dh163.7bn on its financial account in 2013, the last year for which the UAE Central Bank reported data.
Large oil surpluses, and the country’s cash-rich sovereign wealth funds, allow the government to invest abroad as a buffer against changes in the oil price and the UAE’s economic health. These investments abroad considerably outweigh investments made by foreigners in the UAE.
This is also why foreign governments visit the UAE to attract investments from Abu Dhabi Investment Authority and Mubadala, which have combined assets under management of about $840bn, according to the Sovereign Wealth Fund Institute.
Last month, Dominic Jermey, the head of UK Trade and Investment, met officials from Abu Dhabi sovereign wealth funds in an attempt to solicit investments in British infrastructure projects.
abouyamourn@thenational.ae
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MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
RESULTS
Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)
Zayed Sustainability Prize
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
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EU fishing vessels guaranteed access to UK waters for 12 years
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Youth experience scheme to work, study or volunteer in UK and EU countries
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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