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Property market's bright future augurs well for Abu Dhabi economy |
Sky-rocketing oil prices and the government's economic diversification lifted Abu Dhabi's gross domestic product (GDP) to more than Dh400 billion, an increase from Dh341 billion in 2006, the Department of Planning and Economy (DPE) said. With over Dh40 billion reserved for tourism and over Dh100 billion for new real estate projects up to 2010, UAE capital city expects GDP to rise further.
"We hope that the measures applied by the Federal Ministry of Economy will begin to yield fruit next year. The property market will stabilise within two to three years time, and this will ease the inflationary pressures," Akeel Sharif Al Fouladi, economic consultant at DPE, said.
Abu Dhabi also seeks to drive up the value of foreign direct investments (FDI), which stood at Dh17.8 billion in 2007. UAE capital city is also burgeoning the share of the non-oil sector, especially real estate, of GDP to 60 per cent by 2030. It stands at 39.73 per cent or Dh158.94 billion now.
