Both India and Iran are expected to be the region's main export partners and will help to sustain the economy in the long-turn.
"Growth in trade and services are likely to be the most important drivers of growth in 2011 and beyond," Mohammad Lahouel, chief economist of Dubai Department of Economic Development, said at the Dubai Economic Outlook 2011 event.
The emirate is in the process of economic recovery following the impact of the global financial crisis in 2009.
Meanwhile, Sheikha Lubna Al-Qasimi, the foreign trade minister of the UAE recently revealed that non-oil trade in the UAE rose 14 per cent in 2010, reaching $205 billion by the end of the year.
This means that non-oil trade now accounts for 70 per cent of the region's total GDP, with foreign trade now considered one of the key sectors in the emirates' economy.