Local and foreign investments drive real estate sector in Abu Dhabi

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1 GDP from construction rose by 3.3% and real estate activities by 8.1% in 2016 Local and foreign investments drive real estate sector in Abu Dhabi Production value from construction and real estate activities exceeded AED 266 billion last year, a quarter of the production of value of non-oil sectors in Abu Dhabi. Real estate law provides clear basis and flexible mechanisms to protect the rights of real estate actors Bank loans for the construction sector rose to AED billion at the end of 2016 Abu Dhabi, 14 May 2017: The real estate market in Abu Dhabi registered significant growth last year thanks to the ongoing diversification of real estate, construction and infrastructure projects as well as improvements in bank loans targeting the sector. Direct Foreign Investments have also grown while the real estate sector law came into effect, constituting an important legislative development.

2 GDP from the construction sector rose in Abu Dhabi by 3.3% last year while the real estate sector grew by 8.1% considering current prices, according to data issued by the Statistic Center-Abu Dhabi. Production value from construction and real estate activities exceeded AED 266 billion last year, a quarter of the production of value of non-oil sectors in Abu Dhabi. Data from the Statistic Center- Abu Dhabi also indicates that the construction sector is the most important non-oil sector in terms of economic activities in Abu Dhabi. The Emirate is implementing an economic diversification policy based on reducing dependence on oil and achieving rapid positive developments in this field. Construction in Abu Dhabi has increased over the last few years with numerous infrastructure, housing and entertainment projects launched and large investments being put into advanced infrastructure in new islands, especially Yas Island, Reem and Saadiyat. Most of these islands have become attractive destinations for real estate investments of all kinds, whether housing, hotels or entertainment. The areas are still receiving interest from real estate developers from inside and outside Abu Dhabi. Several real estate development projects were announced the last few weeks worth billions in Abu Dhabi. The announcements came before and during the Cityscape Forum 2017 in Abu Dhabi, which reflected the increase in real estate activities the 2

3 Emirate is witnessing. Projects varied between housing, entertainment and commercial projects. In line with legislation issued by the Municipality of Abu Dhabi, exhibitors and investors were able to make deals and directly buy from the exhibition. Thousands of investors and real estate experts were also able to discover the latest development projects in the capital s market. Furthermore, The real estate sector received AED 24 billion last year out of AED 95 billion in FDI in Abu Dhabi with a slight increase in investments received in The real estate sector maintained its lead among attractive sectors for FDI. This increase in FDI in the real estate sector was in line with expectations from the implementation of the Abu Dhabi real estate law at the start of The legislation fostered a real estate investment environment with transparency and accountability, as its provisions clarify the bases of selling off plan projects and set a clear mechanism for linking purchase payments to the developer s achievements in the project. The provisions further clarify mortgage rights, funding issues, usufruct contracts, and many real estate achievements in the Emirate. Legislation and regulations are also being reviewed to support investment in the real estate sector. The law provides a clear basis and flexible mechanisms that seek to guarantee public interests and the rights of players in the real estate market, whether tenants, investors, 3

4 sellers, buyers or brokers. It aims to provide sustainable value and contribute to supporting investment projects in Abu Dhabi. In parallel with foreign investments, large local investments were put into the real estate market. The Emirate continued to invest funds in infrastructure and other major projects such as the new Abu Dhabi airport or the Barakah nuclear power reactor. It has also launched its own real estate development projects, including projects aimed at stimulating the construction sector, as well as tourism, housing and entertainment projects in various areas of Abu Dhabi. These efforts will help promote real estate transactions in the Emirate and will improve its investment attractiveness on the global map. Furthermore, developers and contractors can benefit from the funding support provided by banks operating in the country. Data from the Central Bank show that loans targeting the construction and real estate sector rose by AED 29.7 billion from AED 235 billion in 2015 to AED billion at the end of 2016, a larger increase than that registered in 2015 (AED 22.5 billion). Meanwhile, Investments in the 10 largest ongoing projects in Abu Dhabi are currently valued at AED 140 billion, starting with the Barakah reactor (total value of AED 89.2 billion) and the Louvre Museum in the cultural district in Saadiyat Island (AED 4 billion). Other projects include the new Abu Dhabi airport (AED 14.1 billion), set to become one of the largest airports in the world, and the strategic wastewater tunnel. 4

5 The value of investment projects being executed by the Department of Municipal Affairs and Transport in Abu Dhabi through PPP is estimated at AED 10 billion, and this value continues to increase with new projects being announced in Abu Dhabi, Al Ain and Al Dhafra. - End - Accounts of the Office of Government Communication OGC_AD OGC_AD YouTube: OGC Abu Dhabi Press Release issued by the Office of Government Communication - General Secretariat of the Executive Council. 5

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