UAE sees surge in FDI by over 10%

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Dubai, December 25:: Foreign direct investment in the United Arab Emirates has increased by more than 10 per cent in 2006, a survey has found.

UAE Minister of Economy Sheikha Lubna bint Khalid Al Qasimi, yesterday announced results of a survey that showed FDI had reached Dhs68.63 billion (Rs 680 billion) in 2006, up 10.8 per cent from the previous year's Dh 61.91 billion (Rs 619 billion).

The survey was conducted by the Ministry of Economy (MoE), in coordination with the Economic and Social Commission for Western Asia (ESCWA) and the United Nations Conference on Trade and Development (UNCTAD).

Al Qasimi said the survey included companies with at least one non-resident, regardless of nationality, having invested 10 per cent or more of the company's capital.

The main economic sectors instrumental in the substantial FDI growth were the financial intermediation and insurance (34.4 per cent), construction (29 per cent), domestic trade (14 per cent), and manufacturing (10.1 per cent).

Dubai posted the largest share at 62 per cent, followed by Abu Dhabi at 24 per cent, while Sharjah contributed 10 per cent. The rest of the Emirates contributed 4 per cent to the total FDI, the minister said in a statement.