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Dubai’s economy is robust: Chamber
DUBAI - The Dubai Chamber of Commerce and Industry on Wednesday announced that the value of exports and re-exports by its members during the last month was the highest monthly total during the past three years.
Dubai Chamber Chairman Abdul Rahman Saif Al Ghurair revealed the latest chamber members’ export and re-exports data for the first five months of 2011 jumped by 17.6 per cent to Dh100 billion, compared to Dh85 billion registered for the same period in 2010.
This is extremely positive news for Dubai’s economy, said Al Ghurair while presiding over the second economic seminar of the year held on Wednesday.
He also disclosed that the May 2011 figures witnessed a 26 percentage increase in comparison to the same period in 2010 which he said came on the back of months of positive growth.
“In the first quarter, the members’ exports and re-exports increased by 15.6 per cent while in April 2011 alone, the figures show a 14 per cent increase compared to April 2010. Overall, these figures are a strong indication that Dubai is on track to attain its forecast economic growth of 3.5 to 5 per cent for this year,” added Al Ghurair. The seminar, which was attended by Chamber members and representatives of the private sector, discussed the vulnerability of UAE consumers to rising food prices by income group, the global economic outlook’s effect on Dubai and endogenous growth factors, and new business indicators.
The chairman further stressed that the second quarter of 2011 was a fitting time to come together and discuss major issues affecting businesses today adding that 49 per cent new members joined the Chamber in the first five months of the year in comparison to the same period in 2010.
He also said that the city’s business environment continues to thrive with lower rents, a recovery in the banking sector and continued reform measures helping to boost investor confidence.
Al Ghurair maintained that the first half of this year has seen sustainable growth across Dubai’s trade, tourism and logistics sectors, which has helped to boost the economy.
This comes in spite of subdued global performance and proves that Dubai’s economy is robust and back on the path to prosperity.
The Dubai Chamber-organised economic seminar with its agenda of providing the latest economic indicators based on studies, keep the business community updated with the latest developments and trends and help them make sound business decisions while enhancing their competitiveness globally.
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