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Over Dh140bn invested in UAE real estate in past five years
- United Arab Emirates: Sunday, September 27 - 2009 at 14:32
Official figures by the UAE's Ministry of Economy show that real estate and construction investments between 2004 and 2008 attracted over Dhs140bn in capital, more than double the investment in the sector during the previous five years. It accounted for 21.6% of the total gross capital formation of Dh649.9bn during that period. Investment in the sector in 2008 surpassed capital pumped into the oil and gas sector and accounted for 23% of the total gross fixed capital formation of Dhs200.4bn, data showed. "There could be a slowdown in construction activity this year, but I think there will be an increase in fixed capital formation as large projects started last year or the year before are still continuing," an Abu Dhabi-based economist told Emirates Business 24/7.
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StaffSunday, September 27 - 2009 at 14:32 UAE local time (GMT+4)
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