Dh1t worth investment expected in Abu Dhabi realty

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Dh1 Trillion worth investment expected in Abu Dhabi realty: Inaugurating the 2-day Arabian World Construction Summit in Abu Dhabi yesterday, Shaikha Lubna Al Qasimi, UAE Minister of Economy, said the construction sector contributed Dh40 billion to Abu Dhabi's GDP in 2007 and real estate sector is expected to attract Dh1 trillion investments in the long-term. The real estate and construction sectors were poised to become the nation's new growth drivers. Shaikha Lubna said, “These two sectors will combine to contribute around 23% in country's economy by 2010 from 16 per cent in 2006. In order to secure the resources available to ensure project continuity, there is a need for strategies to be prepared ". Shaikha Lubna said that Abu Dhabi has earmarked a staggering 51% of its budget for non-oil segments for construction projects in the next 5 years. She urged the participants to come up with solutions to the challenges being faced by the construction industry, as more developers and investors continue to flock to the Gulf.

 

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