Dubai’s economy grew by about 16 per cent in 2005 and the Gross Domestic Product (GDP) is estimated to reach AED136 billion (some US$37 billion), according to the Dubai Department of Economic Development (DED).
This rate of growth is expected to beat that of China, acknowledged to be one of the fastest growing economies in the world today with a growth rate of 8.5 per cent.
Director General of Department of Economic Development, Mohamed Ali Alabbar, said the Emirate’s economic growth would continue its steady pace and is expected to touch the AED150 billion mark in 2006.
He said: “At current prices, Dubai’s GDP has recorded a significant increase and is estimated to reach AED136 billion in 2005 up from AED118.4 billion in 2004. When compared to AED62.3 billion in 2000 and AED44.7 billion for the year 1996, this puts the accumulated annual growth of Dubai’s economy in the last decade at among the highest rate of growth in the world.”
He continued: “The non-oil GDP grew by 14.92 per cent in 2005 and is estimated to reach AED128.4 billion, up from AED111.7 billion in 2004 and AED92.5 billion in 2003. Compared with figures for 1996 when the non-oil GDP was only AED38.17billion, this shows a record rise of 236 per cent in the last decade.”