Libya emerged as the seventh largest investor in Abu Dhabi at the end of 2008 while Britain was the top investor, pumping nearly a third of the total capital into the emirate, according to government data.
By the end of 2008, foreign direct investment (FDI) into Abu Dhabi totalled nearly 51.6 billion, up by around 25 per cent over the previous year, when FDI stood at 41.2bn, the Abu Dhabi Department of Economic Development (DED) said.
The 2010 economic report, which gave no figures for the following years, showed Libya was the seventh largest investor in the emirate, pumping around Dh1.42bn by the end of 2010, a slight fall over the 2007 FDI of Dh1.43bn.
Britain’s FDI in Abu Dhabi stood at Dh16.8bn while capital pumped by France and Australia totalled Dh6.2bn and Dh3.2bn respectively.
Bahrain came fifth, with around Dh1.46 billion followed by the United States, with nearly Dh1.45bn. FDI was put at Dh544 million by Algeria, Dh420m by New Zealand and around Dh398m by Saudi Arabia.
The report gave no details for Libya’s investment in Abu Dhabi but the central bank of Libya controls 42.28 per cent of the UAE-based Arab Bank for Investment and Foreign Trade (Arbift).
The UAE government holds a similar share while the remaining 15.44 per cent is owned by Banque Exterieure d’Algerie.
A breakdown showed electricity and water was the main target of FDI in Abu Dhabi by the end of 2008, receiving nearly Dh25.2bn. Investment banking and Libya insurance stood at Dh5.67bn, followed by manufacturing at Dh3.53bn, the hydrocarbon sector at Dh2.69bn and construction at Dh1.08bn. FID stood at Dh285m in communications and transport and around Dh282m in trade and repair services.
(Source: Emirates 24/7)
