Foreign direct investment (FDI) by individuals in Abu Dhabi's real estate sector has reached AED 834.6 million during the first half of 2023, representing an increase of 363% compared to the same period in 2022.

According to data released by the Department of Municipalities and Transport (DMT), Saadiyat Island, Yas Island, Al Jurf, Al Reem Island and Al Shamkha area topped the list in terms of the highest shares of foreign direct investment by individuals.

Dr Adeeb Al-Afifi, Executive Director of the Real Estate Sector for the Department of Municipalities and Transport, said: "Abu Dhabi's investment climate, bolstered by encouraging incentives and robust legislative and regulatory frameworks, has created a nurturing and stimulating environment for foreign investors pursuing promising prospects in the real estate market."

"Moreover, the emirate's unwavering commitment to adopting sustainable development policies, innovation, economic diversification and environmental sustainability has significantly enhanced its ability to attract foreign direct real estate investments," he added.

(Writing by Seban Scaria; editig by Daniel Luiz)

(seban.scaria@lseg.com)