Dubai's economy booming
Dubai's economy is booming
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Dubai's economy expanded 4.1 per cent in the first half of this year compared with year ago levels
"These indicators are moving towards growth because of the diversity of Dubai's tourism product," Arif Obaid al-Muhairi, Executive Director at the Dubai Statistics Center, said in a statement cited by Reuters. "That helps attract more tourists, which reflects positively on demand in related activities and improves performance of the local economy."
Official data cited by Reuters showed that foreign trade, including re-exports, rose 11.4 per cent.
Wholesale and retail businesses, which make up nearly a third of Dubai's GDP, grew 3.8 per cent in H1 2012; the real estate and business services sector rose 1.5 per cent, according to Reuters calculations.
Muhairi is quoted as saying that the Dubai Government's latest plans for huge tourism and retail developments would help boost tourist numbers and contribute to economic growth.
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