Dubai’s economy to grow 2.3%

DUBAI — Dubai’s economy is expected to grow by 2.3 per cent this year as the Gulf Arab emirate recovers from the global crisis, the head of its statistics office was quoted as saying on Tuesday.

By (Reuters)

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Published: Wed 27 Oct 2010, 11:02 PM

Last updated: Mon 6 Apr 2015, 11:45 AM

“Dubai enjoys an infrastructure and legal framework that makes it attractive to foreign investment and that support the business environment,” Arif Obaid Al Muhairi, executive director at the Dubai Statistics Centre, was quoted as saying on its Website

“This helped strengthen the emirate’s economy in the face of the global financial crisis to produce positive growth during the first half of the year. It is expected to be 2.3 per cent by the end of the year,” he said.

Al Muhairi’s forecast is more optimistic than that of the International Monetary Fund, which said on Sunday the emirate’s economy is likely to grow by a modest 0.5 per cent this year, after shrinking 0.9 per cent in 2009, due to a foreign trade pick-up.

Official 2009 gross domestic product data for Dubai, which is estimated to account for over 32 per cent of the economy of the UAE, the world’s third largest oil exporter, are not available.

In February, when uncertainties around flagship Dubai World weighed on the market, the IMF saw Dubai’s GDP contracting by 1.3 per cent this year. Dubai’s economy grew 5.7 per cent in real terms in 2008.

Real-estate focused Gulf business hub Dubai accounts for around 80 per cent of the UAE non-oil trade. Its exports jumped 46 per cent in the second quarter compared to a year ago, while re-exports and imports also expanded at double-digit rates.

Al Muhairi also said Dubai’s population was on the rise, while the jobless rate in the city stands at 0.8 per cent.

“According to field surveys, the rate of population growth was around seven per cent over the first nine months of the year,” he said.

“The number of residents is estimated at 1.87 million.” —

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