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| Real estate was a key contributor to UAE GDP in 2007 |
The real estate sector was a key contributor to the UAE GDP in 2007, according to a report released by UAE Ministry of Economy. The segment accounted for 8% of the country’s GDP last year. UAE economy attained an overall growth of 7.4% in 2007 over 2006; the country’s GDP reached Dh698 billion, says the report.
Though oil prices averaging US$69.1 billion constituted 35% of the UAE GDP in 2007, it was the non-oil sectors that made a major impact on the country’s economy, accounting for 65% of Gross Domestic Product in 2007; the manufacturing sector, whose diversified activities in oil, liquefied gas and factories in free zones, contributed 13% to the GDP in 2007.
The UAE real estate sector, invested Dh25.8 billion in 2007. While manufacturing and real estate sectors together accounted for 35% of the total investments in the country last year, investments industries such petrochemical, building material, medicine and food industries continued to surge. The real estate investments in the UAE were not restricted to Dubai alone; rather the realty sectors of emirates like Ajman, Ras Al Khaimah and Abu Dhabi invited massive funds in 2007.
