First half spend clocks $770m

The total spend on completed buildings in Dubai in the first three months of the year was more than US $770 million (AED2.83 billion), according to figures published this week.

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By  Tim Wood Published  July 1, 2006

The total spend on completed buildings in Dubai in the first three months of the year was more than US $770 million (AED2.83 billion), according to figures published this week. Dubai Municipality statistics also revealed that land deals amounting to some $2.5 billion were accomplished during the first quarter of 2006. Dubai has added more than 560 buildings to its skyline since the beginning of 2006. A further breakdown shows that 121 were in the commercial sector, 320 in the residential sector and 119 in the recreational, service and industrial sectors. Despite the vast amounts of money being spent in Dubai, and across the GCC in general, companies in the Gulf have still been looking to invest money abroad in places such as Pakistan, China, India, Syria, as well as the Seychelles and Mauritius, with $53.8 billion earmarked for foreign investment by Emaar, Dubai World and Damac alone.

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