ABU DHABI: AED108 billion is the volume of foreign direct investment in Abu Dhabi for the year 2017, a growth of 7.1% over 2016, according to the Statistics Center - Abu Dhabi.

In its annual report issued in coordination with the Department of Economic Development (DED) on the estimates of FDI in the Emirate of Abu Dhabi in 2017, SCAD said the total FDI in the Emirate recorded grew 7.1 percent in 2017 to AED108,045 million, compared to AED100,887 million in 2016.

The report was issued during the Annual Investment Meeting 2018 which opened today at the Dubai World Trade Center under the patronage and attendance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.

On his part, Saif Mohammed Al Hajeri, Chairman of the DED, said the report provides an insight into the planning and decision making of economic policies in line with Abu Dhabi Plan to achieve a sustainable and comprehensive development.

According to the report, the "real estate activities (which include real estate sales for non-residents)" have made the highest contribution to FDIs for the year 2016 and 2017 with 27.7 percent and a value of AED29.9 billion in 2017 and 27.9 billion in 2016.

Meanwhile, FDI in process industries in 2017 increased to AED19.2 billion from AED18 billion in 2016. Also, the contribution rate of the construction and building activity to the total FDI increased from 7.9%, AED8.10 billion, in 2016 to 8.6% and AED9.2 billion in 2017. On the other hand, the exploration industries (which includes crude oil and natural gas) witnessed an increase in FDI from AED17.4 billion in 2016 to AED18.2 billion in 2017, indicating a contribution rate of 17.3% and 16.9% in the total FDI for the mentioned years, respectively.

Foreign investment in the Abu Dhabi region was mainly focused on the real estate activities with a total value of AED27.9 billion, followed by the process industries with AED17.7 billion and the extractive industries (which includes crude oil and natural gas) with a total value of AED17.4 billion.

On the other hand, the total value of FDI in Al Ain and Al Dhafra regions was mainly focused on electricity, gas and water, process industries and waste management operations.

According to the report, the European states are the highest contributors to the total FDI in the Emirate of Abu Dhabi in 2016.

The European countries’ investment in Abu Dhabi region reached 44.0% of the total FDI volume , whereas they in Al Ain and Al Dhafra regions reached 0.2% and 0.6% to the FDI, respectively.

The United Kingdom came in the first place being the highest contributing country to investments in the Emirate of Abu Dhabi with a total volume of AED14.5 billion in Abu Dhabi region, and AED652 million in Al Dhafra. Austria came in second place with a total investment of AED14.3 billion in Abu Dhabi region, whereas France came in the third place with investments totaling AED7.7 billion in 2016.

© Copyright Emirates News Agency (WAM) 2018.