Abu Dhabi economy to grow 5%

13/10/2011 - Northern Emirates Property & Investment News Posted by Neil King
Abu Dhabi economy to grow 5%

Property investors looking for new opportunities in the Middle East could be among those encouraged by recent predictions regarding Abu Dhabi's economy.Earlier this week government officials announced that the economy is expected to expand by up to five per cent in 2012, the Khaleej Times reported.The government also announced that it will continue to spend in order to support growth in the emirate.Mohamed Omar Abdulla, undersecretary at Abu Dhabi's Department of Economic Development, told Reuters: "For this year, the real growth will be about 4.5 per cent. Next year, I will assume it will be the same level - 4.5 to five per cent."The news comes after a number of global airlines announced that they are to increase the number of flights they operate to the emirate.This could lead to a rise in tourism numbers, which could boost the economy and increase demand for short-term rental properties.