Abu Dhabi oil investment hits all-time high

22/09/2011 - Dubai Investment News Posted by Bob Brunskill
Abu Dhabi oil investment hits all-time high

New figures have confirmed that Abu Dhabi's investments in its hydrocarbons sector climbed to a record high of more than Dh43 billion in 2010, emirates247.com has reported.This comes as the emirate ploughs ahead with plans to expand output capacity.According to the figures, investments were nearly 29 per cent above the capital pumped in 2009.Further to this, it has been confirmed that they were more than double the oil investments in 2008, which is when crude prices climbed to their highest levels.Published in Abu Dhabi's yearbook, the figures show that total fixed capital formation in the hydrocarbon industry was worth Dh43.7 billion in 2010, having climbed from Dh33.9 billion in 2009 and Dh18.5 billion in 2008.This comes shortly after Abu Dhabi's Department of Economic Development confirmed that the volume of non-oil trade between the emirate and China during the first half of 2011 amounted to Dh2.16 billion, up 64.24 per cent from the corresponding period a year earlier.