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Fri 29 Jan 2010 03:46 PM

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Abu Dhabi eyeing AED45bn investments over 5 yrs - paper

Abu Dhabi hasn't been much affected by crisis, continues steady growith - analyst.

Existing and new companies to be set up in the next five years in Abu Dhabi are estimated to invest over AED45bn, according to a report.

According to newswire WAM, Khaleej Times daily quoted an independent economist as predicting that the emirate will remain the favourite place for investors as it is pursuing a strong reform-agenda.

Despite the strong impact of the global downturn on economies around the globe, the Abu Dhabi economy has not been much affected and continued growing steadily, he said.

“Abu Dhabi has won investor's confidence as it attracted more [capital] investments due to the several policy initiatives launched in recent years," said Riad Mattar, an independent economist, who has worked with the public sectors for several years.

The economy was strong enough to minimise the challenges posed by global economic crisis, he said.

According to Khaleej Times, Abu Dhabi attracted new capital investment by 11,357 private companies - estimated capital of over AED5.7bn. This is a growth of 40 per cent over the year before, when the count of firms stood at 8,124, as per an official report.

The commercial sector attracted capital investment in excess of AED4.9bn. Investment in the professional, industrial and handicraft segments of economy stood at AED271m, AED453m and AED132m respectively, Al Khaleej said.

In terms of the increase in the number of firms, the industrial sector topped the ranking with a growth rate of 112 per cent, taking the total number of firms to 188 in 2009 up against 89 in the previous year, according to the daily.

The professional sector came on the second place recording a rise of 44.5 percent to 479 in 2009 from 332 in 2008. With a growth rate of 41 percent the firms in the commercial sector grew to 7962 while companies dealing in handicraft sector grew by 30 percent, Khaleej Times added.

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