Dubai oil price boosting UAE economy

13/09/2011 - Dubai Investment News Posted by Neil King
Dubai oil price boosting UAE economy

Investors with interests in the Middle East could be among those encouraged by the recent comments of one banking group regarding the UAE's economy.According to the Saudi American Banking Group (Samba), the recent improved economic performance in Dubai, along with significant public spending and higher oil prices, will stand the UAE in good stead going forward.The group told Emirates 24-7 that these attributes mean the region's economy will see growth over the coming year, enabling it to withstand the global economic turmoil.In a recent statement, the firm commented: “The structural strength of the UAE economy as a whole should allow it to weather the storms currently buffeting global markets as well as continuing concerns over political unrest in the broader Middle East and North Africa."The firm predicted GDP growth of more than four per cent this year, with the economy being boosted by public investment and strong growth in the logistics and tourism sectors.These sentiments echo those of the Dubai Chamber of Commerce and Industry, which recently predicted that Dubai's economy will grow by as much as six per cent next year.