Dubai's economy 'is embarking on another wave of growth'

Just like most other parts of the world, Dubai suffered badly when the global economy nosedived a few years ago, but the emirate's recovery has been extremely impressive.While things have gone from bad to worse for areas such as the eurozone in the past 12 months, the UAE has dusted itself off and made a stirring comeback.Earlier this month, the Arab country's minister of economy Sultan Bin Saeed Al Mansouri made the bold prediction that the UAE's gross domestic product (GDP) would grow by at least four per cent annually over the next few years. When you consider that nations like the UK have recently reported their GDP to be in minus territory, it demonstrates just how well the UAE is performing.Property developments that were shelved at the height of the crisis in Dubai are now being resurrected and investors are flooding back into the Gulf.Speaking to Arabian Business, Florence Eid, chief executive of London-based research and advisory firm Arabia Monitor, suggested that although Dubai's next economic boom is likely to be less rapid than the last one, it could still lead to a 50 per cent population increase by the end of the decade."The economy now appears to be embarking on another wave of growth during which it will serve similar functions as Hong Kong and Singapore in Asia, supporting and profiting from growth in industry and trade in a large region surrounding it," she was quoted as saying.You only have to look at the ambitious plans of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum to see how much confidence is coursing through the city's veins at the moment.Last year, he revealed detailed proposals for a mammoth tourism and retail development in the emirate, which will consist of more than 100 hotels, the world's largest shopping mall and a green area that will be 30 per cent bigger than London's Hyde Park.Taking all of this into account, it is fair to suggest the demand for property investments in Dubai will grow sharply in the coming years, so now is the perfect time to add new assets to your portfolio.