Capital outflows from the UAE public sector entities, including sovereign wealth funds, rose to Dh95 billion in 2011 from Dh10 billion in 2010, Central Bank data suggests.
High oil prices last year boosted UAE’s total hydrocarbon exports to Dh409.9 billion, up 50 per cent from Dh274.1 billion in 2010. The country’s current account surplus rose to Dh292 billion from Dh180 billion, the recently released central bank annual report said.
Analysts said the jump in capital outflows last year likely reflected higher overseas investments by the leading sovereign wealth funds. These include Abu Dhabi Investment Authority, or Adia, which invests the emirate’s surplus oil income in overseas markets, and by other wealthy government-owned investment vehicles such as the International Petroleum Investment Co, which invests in oil and gas ventures overseas, and Mubadala Development Co, which leads the Abu Dhabi government’s diversification strategy away from the oil and gas sector.
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