Dubai records 4% economic growth in 2015

Dubai - ".. at the end of 2015, the growth was somewhere between 3.5 and 4.5 per cent," Buamim informed.

Dubai's economy emerged resilient and witnessed growth of around 4 per cent in 2015 despite global challenges created by the drop in oil prices, the economic uncertainties in Europe, China and Russia, and weak global demand for commodities.
This was stated by Dubai Chamber of Commerce and Industry president and chief executive officer Hamad Buamim in his address to a large number of diplomats based in the UAE on Monday evening.
".. at the end of 2015, the growth was somewhere between 3.5 and 4.5 per cent," Buamim informed. Trade, tourism and financial services helped boosted the growth, he added.
The Dubai Statistics Centre (DSC), last week said, Dubai recorded 4.5 per cent growth during the first nine months of 2015 compared to same period in the previous year.
Explaining the reason for resilience, Buamim said that it is due to the emirate's diversified economy, which greatly minimised the impact of the global slowdown's negative effects on its various economic sectors.
Dubai's economy achieved positive results in the areas of aviation, air cargo and tourism, which have grown over the past year, while trading activities remained stable despite the challenges, Buamim explained.
Last year, the Dubai Chamber witnessed more than 1,330 new members on average every month. The emirate reinforced its attractiveness to global investors with the addition of over 16,000 new companies joining the membership of Dubai Chamber and taking the organisation's total membership to 185,000.
abdulbasit@khaleejtimes.com