Despite estimations of slower economic activity in Dubai in 2006, a top official maintained that the emirate will sustain a 12 to 15 percent growth in line with projections for the UAE.
According to the director-general of the Dubai Chamber of Commerce and Industry (DCCI), Abdul Rahman Al Mutaiwee, Dubai will forge ahead with some $100 billion worth of real estate and other development projects this year.
"Dubai is implementing a number of strategic projects in order to sustain its competitiveness and leading position as a business hub. Over $100 billion worth of development-oriented projects are either under implementation or in the phase of planning and approval," Al Mutaiwee told <i>Gulf News</i>.
"I think the industrial sector will see better growth. The construction sector is still booming and the hospitality sector, neglected for a long time, is becoming an important source of income," he added, while speaking recently at a CEO Forum in Dubai.
Al Mutaiwee asserted that such growth would continue despite forecasts that say otherwise of bankers.
"I think the bankers are always careful in their expectations and forecasts."
"High prices of oil in 2005 have brought prosperity to all oil exporting countries, including the UAE. It has encouraged regional governments to diversify their oil-based economies and adopt reforms."
