| 08 May 2008 |
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Fund flow into UAE to double
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08 May 2008
Dubai: The cumulative foreign direct investment (FDI) inflow into the UAE is expected to nearly double from $59.2 billion in 2007 to $108 billion in 2011, according to a report by Barclays Wealth, a part of the UK's Barclays Group.
Although the UAE does not publish official FDI figures, according to the Barclays Wealth, the semi-official data suggest that inflows are high and rising.
The United Nations Conference on Trade and Development (Unctad) puts FDI inflows into the UAE at $12 billion in 2005 accounting for about 60 per cent of total inflows into the Gulf that year.
Real estate boom
With the backdrop of the ongoing real-estate boom in the country, which is drawing investors to Dubai and Abu Dhabi, the Econ-omist Intelligence Unit estimates that FDI inflows rose to $16 billion in 2006.
"Based on these figures and trends, we estimate that the stock of FDI stood at $44 billion or 27 per cent of GDP in 2006. With international oil prices forecast to remain above their long-term average over the next five years, and concomitant liquidity in the region therefore expected to remain high, we expect the stock of FDI to exceed $100 billion by 2011 [around 33 per cent of GDP]," said Barclays Wealth Insights: Evolving Fortunes, a report from Barclays Wealth.
The lack of official data makes it difficult to analyse the sources of FDI into the UAE, but in mid-2007 the Ministry of Finance and Industry published its Investment Environment Report 2006, which stated that in 2006 the European Union accounted for 35 per cent of FDI, followed by other GCC countries with 26 per cent, Asia-Pacific (led by Japan) with 19 per cent and the Americas with two per cent.
According to Barclays Wealth, the GCC will continue to be a major area of global wealth concentration due to high crude oil prices. According to the IMF, annual oil exports from the GCC countries have reached $400 billion last year and are forecast to rise to $450 billion this year.
Horwath MAK, an international accounting, auditing and consulting services firm, yesterday announced the opening of its office in the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC)
.
The new DIFCDIFC branch of Horwath MAK will be one of the company's 13 offices in the UAE and part of Horwath International's network of 430 worldwide offices.
Saad Maniar, managing partner of the firm's office at DIFCDIFC, said: "The establishment of an office in DIFCDIFC will enable us to better serve our financial services clients, as well as develop new business relationships. It is a wonderful opportunity for us to build on the experience we have acquired over the past 26 years in accounting and auditing and expand our capabilities in consulting and research."
Nasser Alshaali, Chief Executive Officer of the DIFC Authority, said: "As the economy and the financial industry in the region experiences high growth, companies need high-quality accounting, auditing and consulting services to develop sustainable businesses."
Horwath MAK, an international accounting, auditing and consulting services firm, yesterday announced the opening of its office in the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC).
The new DIFCDIFC branch of Horwath MAK will be one of the company's 13 offices in the UAE and part of Horwath International's network of 430 worldwide offices.
Saad Maniar, managing partner of the firm's office at DIFCDIFC, said: "The establishment of an office in DIFCDIFC will enable us to better serve our financial services clients, as well as develop new business relationships. It is a wonderful opportunity for us to build on the experience we have acquired over the past 26 years in accounting and auditing and expand our capabilities in consulting and research."
Nasser Alshaali, Chief Executive Officer of the DIFC Authority, said: "As the economy and the financial industry in the region experiences high growth, companies need high-quality accounting, auditing and consulting services to develop sustainable businesses."
By Babu Das Augustine
© Gulf News 2008. All rights reserved.
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