Oil income up in Abu Dhabi

30/11/2011 - Northern Emirates Property & Investment News Posted by Bob Brunskill
Oil income up in Abu Dhabi

Property investors and others looking for new business ventures in the Middle East could be among those encouraged by the recent publication of oil trade figures.According to the Abu Dhabi Department of Economic Development (DED), strong oil prices combined with increased crude output last year to boost the emirate's hydrocarbon export income by almost Dh90 million.However, despite the increase, earnings remain well below the record achieved in 2008, Emirates 24-7 reported.The DED's figures show that almost Dh78 billion was earned last year, up from around Dh 188.8 billion in 2009.This falls well short of the Dh337.9 billion recorded in 2008 but shows that the industry is moving in the right direction.Meanwhile in Dubai, experts recently noted that non-oil exports are set to see significant growth in the coming year.According to the Dubai Export Development Corporation, non-oil exports will jump by up to 36 per cent this year and the pace will be sustained throughout 2012.