Dubai’s economy has risen steadily over the past two years since emerging from the economic crisis, according to a new economic report. The Dubai Economic Department study showed that the emirate witnessed a GDP growth rate of 3.4% in 2011, compared to a contraction of 2.4% in 2009. Titled, ‘Dubai Economy 2012,’ the report put the rebound down to factors such as economic stimulus from the UAE government, as well as the resilience of Dubai’s major trade partners, particularly India and China. In the report’s foreward, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council also put Dubai’s success down to its economic flexibility, diversity and dynamism.
While the real estate and construction industries were affected by the global economic crisis, the report reveals that both began to recover by 2010. The industrial sector’s recovery was led by strong exports, while the real estate industry witnessed a ‘dramatic transformation, according to the study. “New Dubai” areas such as Palm Jumeirah and Dubai Marina, have displayed the greatest signs of recovery, with rental rates and sale prices continuing to rise. Dubai Marina, which has fast become one of the emirate’s most popular property areas, is also home to The First Group’s latest hotel apartment development, TFG Marina Hotel.