Middle East unrest to boost UAE economy

29/03/2011 - Dubai Investment News Posted by Neil King
Middle East unrest to boost UAE economy

The UAE could be in line for an economic boost as a result of the unrest in other parts of the Middle East, it has been claimed.

Citibank has suggested that international visitors are likely to treat Dubai as a safe haven emirate, with Egypt and Bahrain likely to lose out, zawya.com reported.

"Due to its relative political stability, we believe there is a possibility of a diversion of commercial, investor and tourist activity from less stable parts of the region. The external sector thus is the main driver of the recovery, with gains being posted both in export growth and a reduction in imports," the bank told the news provider.

"Dubai's economy, in particular, is showing signs of strong external led recovery as sectors such as tourism, trade, logistics and transportation respond strongly to the rebound in the global economy and may get a boost from the political instability in regional competitors."

The comments come after figures published by Dubai Airports, showed that the travel hub saw a 5.2 per cent increase in passenger numbers in February compared to last year.

Data from the report showed that 3.83 million people passed through the airport, while aircraft activity increased by 7.2 per cent to 26,464.