DUBAI — Local and foreign investors have spent 53 billion dirhams (Dh) in Dubai during the first half of the year, a 70 percent increase from Dh31 billion in the same period last year, the Dubai Land Department said in new figures it has released. Foreign investors from outside the Arab countries spent the most at Dh32 billion, recording a 73-percent increase from the first half of last year, the Land Department said. Indians poured in the biggest investment among foreign investors at Dh8 billion, although they made just 499 transactions during the period. Pakistani investors came in second with 3,285 investors spending more than Dh3 billion, followed by 2,389 British investors spending more than Dh4 billion. Arab investors from outside the Gulf region showed the highest increase in investments, with the total value of Dh5 billion from Dh2.37 billion last year or a 111 percent jump. Among the Arab investors, 598 Jordanians invested the most with Dh1 billion followed by 437 Lebanese investors spending Dh884 million. The Egyptians ranked third among the Arab investors at Dh753 million for 388 investors. Investors from the Gulf countries, including UAE nationals, spent Dh16 billion on Dubai properties during the period, an increase of 57 percent from last year. UAE nationals spent Dh12 billion, Saudis came second with Dh2 billion. The others are Kuwaitis with more than Dh360 million, followed by Qataris, Omanis and Bahrainis. The new figures followed the release of earlier data last month which showed Dh108 billion invested in Dubai's real estate properties. "Dubai's real estate market is a lucrative one for its stability, diversity and promise of high return on investment," said Sultan Butti Bin Mejren, the director general of the Dubai Land Department. "These factors continue to inspire confidence in local, regional and international investors alike, whose transactions in turn contribute to sustained momentum of the market's growth - signifying complete recovery from the global financial crisis." — SG
