Dubai economy expanded by 2.8% in 2010, figures reveal

27/09/2011 - Dubai Investment News Posted by Neil King
Dubai economy expanded by 2.8% in 2010, figures reveal

Dubai's economy grew faster than anticipated over the course of 2010, newly-released statistics show.According to preliminary figures on the emirate's economic health, the economy expanded by 2.8 per cent in real terms last year, Reuters has reported.Coming after the 2.4 per cent contraction seen in 2009, this shows Dubai is well on the way to economic recovery, with this upturn in fortunes being driven partly by the improved fortunes of the property sector.Commenting, Standard Chartered economist Philippe Dauba-Pantanacce told the news agency that GDP is also likely to go up again this year as Dubai benefits from rising investor confidence.He added: "Dubai has benefited from the safe haven effect and from a diversion of investments and growing tourism from neighbouring countries affected by the crisis (unrest)."This comes just days after Fithc Ratings issued a favourable report on the strength of Abu Dhabi's foreign assets, placing their value at around $300 billion.