UAE greenlights $918bn

02/03/2009 - Dubai Property News
UAE greenlights $918bn

The UAE will pursue projects totalling $918 billion across oil and gas, petrochemicals, real estate and other sectors, the International Monetary Fund reports.

According to the agency, this accounts for 42 per cent of all major projects to be undertaken across all six members of the Gulf Cooperation Council (GCC) in the medium term.

"The investment profile of GCC countries reflects country-specific diversification strategies, although projects are generally geared toward addressing supply bottlenecks, diversification and employment generation," said a report from the Washington-based group.

It identified a particular focus on investment in property in the UAE, while hospitality and other services sectors will also see substantial growth in the coming years.

Across all GCC states, total medium-term investment is expected to reach $2.193 trillion, with $960 billion of this being ploughed into new real estate developments.

In other related developments, the Dubai Chamber of Commerce and Industry announced last week that the total value of exports conducted by members reached AED 14.5 billion in January.ADNFCR-2019-ID-19052848-ADNFCR