$3.3bn investment in Abu Dhabi

Abu Dhabi, August 7:

Investment in the economic zones of the emirate of Abu Dhabi in the United Arab Emirates rose to $3.3 billion in 2007, according to a new report.

The ‘Socio-Economic Report (2007) for Abu Dhabi Emirate’, released by the Abu Dhabi Department of Planning and Economy, said the economy of the emirate performed well throughout 2007, the state-run Emirates News Agency (WAM) reported.

“Abu Dhabi’s gross domestic product (GDP) rose from $40.6 billion in 2002 to $108.9 billion in 2007, a significant growth of 8.12 percent per annum,” the report quoted Butti Ahmed Mohammed Bin Butti Al Qubaisi, executive director for planning and statistics at the Department of Planning and Development.

“Oil and gas GDP stood at $43.3 billion in 2007 against $23.1 billion in 2002,” he added. The report attributed the brisk growth to massive diversification programme the emirate’s government has adopted, leading to multiple sources of income.

According to Al Qubaisi, social support and services improved, with a hike of social benefit by 75 per cent in 2006. Minimum social support was increased to $599 due to rising cost of living.