Dubai Economy Up in 2013

Date:

Emirati women react to the news about Dubai being selected as the host of Expo 2020. The emirate's economy has consistently grown and is far from a bubble
Emirati women react to the news about Dubai being selected as the host of Expo 2020. The emirate’s economy has consistently grown and is far from a bubble

UAE ECONOMY IS EXPECTED TO GROW AT 4.5 PERCENT THIS YEAR

DUBAI, Dec 2 — Dubai’s economy has been on an upswing this year so far, driven by services, transportation, logistics, retail and tourism sectors, said Simon Williams, chief economist for Middle East and North Africa at HSBC, reported Gulf News. 

The emirate has recovered from the corporate debt crisis and real estate slump which it faced in 2009 and 2010 by enhancing its position as a major destination for travel and investment from the Middle East and Europe, .

Dubai’s real gross domestic product (GDP) is projected to climb 4.7 per cent in 2013, and by 4.5 per cent in 2014, according to estimates by Dubai’s Department of Economic Development (DED).

The growth rate of Dubai’s GDP stood at 4.7 per cent for the second quarter of 2013, compared to the same period a year ago, according to the Dubai Economic Outlook (DEO), Quarter 2/2013 report, issued by the Secretariat General of the Dubai Economic Council (DEC). The growth was driven by the wholesale and retail, transportation, manufacturing and real estate sectors.

Housing prices have increased as a result of an improvement in the economic environment and strong demand. Giyas Gokkent, chief economist at National Bank of Abu Dhabi (NBAD), pointed out that “as of September 2013, average residential property prices in Dubai were up 34 per cent, over September 2012.”

Although house prices in Dubai have climbed by more than 20 per cent in the last year, analysts told Gulf News previously that prices do not point to a property bubble.

The International Monetary Fund (IMF) estimated that Dubai’s current debts, including the debt outstanding of government-related entities (GREs), stand at 100 per cent of its GDP.

Meanwhile, the tourism sector has also benefited from the economic upturn. Dubai hotels registered an occupancy rate of 86 per cent in the first half of the year, a HostStats survey showed.

Gokkent estimates that UAE’s economy will grow by 4.5 per cent this year, compared to 4.4 per cent last year. Next year, however, he estimates the figure to reach 4.1 per cent “due to slow oil sector growth.”

theclarionindia
theclarionindiahttps://clarionindia.net
Clarion India - News, Views and Insights about Indian Muslims, Dalits, Minorities, Women and Other Marginalised and Dispossessed Communities.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Pakistani PM Calls for National Unity After Terror Attack in Peshawar

ISLAMABAD -- In the wake of the recent suicide bombing...

‘Ensure No Hate Speech is Made’: SC on Sakal Hindu Samaj Event in Mumbai

The apex court asked the Maharashtra government to record...

‘Don’t Make Us Take a Hard Stand’, SC Warns Centre on Delaying Judges’ Transfer

NEW DELHI -- The Supreme Court on Friday warned the...

Concerted Campaign by Hindutva Press to Demonise Muslims

Syed Ali Mujtaba CHENNAI — Here is a look at...