Real Estate in UAE receives the highest funding from State’s Central Bank!
Real Estate in UAE in retrospect, has always been a deal sealer for the country. The very existence and foundation of the whole country serves as the epitome of some phenomenally mastered real estate developments. Owning some globally iconic wonders to its name, UAE is sure shot a tale of rags to riches given the pace, hard work and exceptional use of intellect it has invested in transforming a dessert to a metropolitan.
Thus, in lieu of the afore written facts, it is now clear that real-estate is in all capacities one of the major contributing forces to UAE’s flourishing economy. However, it became very evident when according to the recent calculations, real-estate sector made a significant 6.4% of non-oil GDP contribution to UAE with its overall value reaching DH 81.2 billion in 2017 in comparison to its contribution of DH 79 billion in 2016.
The UAE central bank in view of these major contributions made by the real-estate sector to the country’s GDP, announced to grant the highest funding worth DH 306.6 billion to this booming sector which marks an increase of a whopping DH 8.5 billion as compared to yesteryear’s funds. This increase in the amount of funding clearly indicates the fast growth and success of real-estate within the country.
In addition to real-estate, other sectors that emerged out as actively contributing would be the water and electricity sector receiving DH 1 billion, the trade sector (both wholesale and retail) receiving DH 157 billion, and the mining and quarrying sector receiving a total of DH 12.9 billion. All these sectors were recorded to be major contributors to the country’s GDP.
The UAE government along with all these allocations is also being encouraging to the commercial sector of the country. The banks are also offering personal funding for commercial purposes, worth Dh3.2 billion, raising the total to Dh83.2 billion for the whole sector.
Thus, all these statistics advocate the diversity of all different kinds of sectors contributing to country’s economy aside from the quintessential oil and gas typecast. As per the statistics of 2017, the contribution of these Non-Oil sectors rose to 77.7% in the country’s overall economy!