UAE economy set for expansion

21/07/2011 - Dubai Investment News Posted by Neil King
UAE economy set for expansion

The economy in the United Arab Emirates (UAE) is set to expand this year, according to one industry body.Figures published by the Arab Monetary Fund (AMF) have shown that the emirates will see the economy grow by 3.3 per cent in 2011.This could come as good news to a number of people investing in the property market in Dubai and other northern emirates.According to the organisation, the UAE's real GDP increased by 3.2 per cent last year and will improve further by the end of the year.It is thought that strong oil prices and high public spending will be the key drivers behind the region's economic boost."The UAE's real GDP is projected to rise by about 3.3 per cent this year compared with 3.2 per cent last year … inflation will rise to 4.5 per cent from about one per cent," the financial establishment explained.