(MENAFN- Mid-East.Info) The Surge Indicates Confidence Among Investors, the Market's Attractiveness, and a Sustainable Growth Trajectory:
Abu Dhabi, July 24, 2023: The Department of Municipalities and transport (DMT) announced that foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has soared to AED 834.6 million during the first half of 2023, achieving a record growth rate of 363% compared to the corresponding period last year.
According to data released by the DMT, the following five regions topped the list in terms of the highest shares of foreign direct investment by individuals: Saadiyat Island with 34%, Yas Island with 28%, Al Jurf with 12%, Al Reem Island with 11%, and Al Shamkha area with 8%.
His Excellency Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said:“We are thrilled to announce the remarkable surge in foreign direct real estate investments in Abu Dhabi. The astounding 363% growth witnessed during the first half of this year is a testament to the emirate's exceptional appeal to foreign investors. This includes its strategic location, world-class infrastructure, and supportive economic and legislative environment, all of which have contributed to enhancing the emirate's position as a preferred destination for individuals of all nationalities to invest, live, and work.
Dr. Al-Afifi further added,“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.”
Dr. Al-Afifi emphasized that the increased growth rates in the volume of foreign direct real estate investments reflect the confidence of international investors in the emirate's economy and its ability to provide long-term returns. He underscored the need to continue building a comprehensive and enticing real estate ecosystem for foreign investors, characterized by streamlined processes and seamless government service experience that facilitates the flow of foreign direct investments into the real estate sector in Abu Dhabi.
About the Department of Municipalities and Transport (DMT):
The Department of Municipalities and Transport was established by Law No. 30 of 2019, and its main priorities are to realize the vision of the leadership which draws on the vision of the UAE's Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan to embrace progress by placing great value on the importance of pursuing development in line with both the needs of present and future generations and the community in general.
The authority embodies the values of good governance, driven by the needs of the community it serves and working with a passion to accomplish its aims. The Department focuses on finding the most effective means of providing essential, modern, responsive and comprehensive municipal services across three regional municipalities, and supports Abu Dhabi's global position as a leader in innovation-led urban planning and transportation, as part of the Abu Dhabi government's commitment to maintaining the highest standards to the benefit of all citizens and residents of the emirate.
The DMT is responsible for continually investing in the development of better infrastructure, facilities and transportation sectors within the emirate, guiding, regulating and monitoring urban development to enhance Abu Dhabi's reputation as a world-class destination to live, work and visit.
The DMT also ensures the highest standards of safety, security, sustainability and technological development of the Emirate of Abu Dhabi's land, air and maritime transport networks, in accordance with the highest international standards and the UAE's legislation with the objective of being the region's connection to the world.
The Department's aspirations are driven by the simple proposition of innovating and building sustainable smart cities, fostering a capacity to change and adapt in order to maintain excellence in services and sustaining prosperity for future generations, allowing the entire Abu Dhabi community to reach their full potential.