Dubai economy to grow 3.5% in 2011

05/05/2011 - Dubai Investment News Posted by Bob Brunskell
Dubai economy to grow 3.5% in 2011
Dubai's economy is expected to grow by 3.5 per cent this year, according to the US-based Institute of International Finance (IIF).Its report on UAE and Arab nations, titled The Arab World in Transition: Assessing the Economic Impact, highlights the positive upward trend investors in Dubai will witness over the coming months.The growth is compared to a fairly weak rebound seen last year of 1.7 per cent.Garbis Iradian, IIF deputy director, Middle East and Africa Department, commented: "Growth in the GCC (Gulf Cooperation Council) will accelerate in 2011 while the combined current account surplus is set to surge from $129 billion to $292 billion, raising the level of their gross foreign assets to $1.7 trillion by year end."The report also suggested that owing to the political turmoil in certain Arab nations, the UAE economy will benefit from increased trade, tourism and finance.Indeed, a report published at the Arabian Travel Market event in Dubai this week confirms that unrest in Libya, Egypt and Tunisia has boosted tourism in the UAE, Gulf News reported.