New period of sustained economic growth for Dubai, report claims
A report published Wednesday by the Dubai Economic Council (DEC) claims the emirate’s financial performance since the crisis of 2009 indicates a “new phase of rapid growth” for Dubai’s economy.
HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, provided the foreword to the report, entitled ‘Dubai Economy 2012’.
In it he praised the “flexibility, diversity and dynamism” of Dubai’s economy in keeping pace with regional and international developments. The figures included in the report, he said, were indicators of
Dubai’s success in overcoming the repercussions of the global crisis.
‘Dubai Economy 2012’ compares Dubai’s performance in the year 2011 against that of the period between 2006 and 2010. It reports that despite the slowdown in 2009 following the global crisis, Dubai’s economy has continued to steadily grow over the last two years.
‘Dubai Economy 2012’ showed a gross domestic product (GDP) growth of 3.4 per cent in 2011 from 2.8 per cent in 2010 - following a contraction by 2.4 per cent during the dark days of 2009. This rebound in economic growth was largely due to “fiscal and monetary stimulus packages undertaken by the UAE federal authorities as well as the Government of Dubai”, it said.
The report also praised “the resilience” of Dubai’s major trade partners - paying particular note to India and China. The tourism sector was also credited as helping with the economic gain since 2009.
The real estate and construction sectors were also described as “two industries that were affected as a result of the crisis”.