Dubai economy forecast to rise by 4.5%

19/02/2012 - Dubai Investment News
Dubai economy forecast to rise by 4.5%

Dubai’s economy looks set to rise by 4.5% this year. That’s according to a top government official who says that this growth will be driven by strong performances in the tourism, transport and logistics sector. Chairman of the Dubai Economic Sector Committee, Sheikh Ahmed bin Saeed Al Maktoum, made the comments during the launch of the Dubai Economic Outlook conference 2012. According to Sheikh Ahmed, Dubai’s GDP topped 3% last year, up from 2.5% the year before.

Dubai’s tourism industry is predicted to be one of the strongest factors impacting the economy’s growth, with the Dubai Economic Department predicting tourist numbers will rise by 12% in 2012. The news is also set to have a highly positive impact on investors in the city’s hotel market, with occupancy levels across Dubai hotels reaching an average of 85% for 2011.