Dubai economy to grow 3.5-4% this year

30/03/2011 - Dubai Investment News Posted by Bob Brunskill
Dubai economy to grow 3.5-4% this year
Infrastructure spending and foreign investment are expected to help Dubai's economy grow by 35 per cent to four per cent this year.

This is according to Farouk Soussa, Citigroup Inc's chief Middle East economist, who told Bloomberg that by the end of 2012 growth could be as much as six per cent across the emirate.

He explained that Dubai's prime location combined with a renewed confidence from investors in the region have aided the economic recovery.

Dubai's economy is recovering from the credit crisis, helped by a revival in trade and tourism. Real gross domestic product grew 2.2 per cent in 2010, the statistics bureau said on its website.

The forecast follows a prediction from Citibank that the UAE could be in line for an economic boost as a result of unrest in other parts of the Middle East.

Citibank has suggested that investors are likely to treat the region as a safe haven, with Egypt and Bahrain likely to lose out, zawya.com reported.ADNFCR-2019-ID-800481377-ADNFCR