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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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
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10 Carlos Slim $55.2 billion
The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,00
On sale: Available for preorder now
ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)