Dubai's key economic sectors grew at a rate of between 7.5 to 9.5 percent in 2002 from an average six to nine percent in the past, reported the Dubai Department of Economic Development. The economy was boosted by strong trading activity, an upturn in real estate business and growth in the industrial sector during the year.
According to the Department’s Director General, Mohamed Ali Alabbar, trade achieved the highest growth among business sectors, reaching 9.5 per cent to total 10.6 billion Emirati dirhams ($2.8 million) in the year 2002, compared to Dh 9.7 billion in 2001. He said this sector is expected to continue the growth rate.
“The real estate sector has been the engine for growth in the year 2002 to reach a total of Dh 12 billion, one billion more than in 2001. That's a good nine per cent increase, thanks to the number of real estate developments carried out by both the private and the government sectors,” he said.
He also said the total investment in the industrial sector rose by 7.5 percent to total Dh 10.5 billion in 2002 as compared to Dh 9.8 billion in the year 2001. The finance and insurance sectors showed an increase of 6.3 percent and 7.1 percent respectively. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
