Dubai’s Economic Growth All Set to Witness Its Largest Boost in Five-Years

The economic growth in the region of Dubai has been said to be ready to register the largest upsurge in 5-years, riding noticeably high on substantial improvement in trade and tourism sectors.

As per the latest stats that are revealed by the DSC (Dubai Statistics Centre) recently on Nov 26th 2012 Monday, the emirate’s GDP (Gross Domestic Product) at steady rates increased by nearly 4.1-percent during January through June 2012 interval to almost Dh161.5-billion as compared to just around 3.4-percent growth figures recorded during the same period last year.

According to the recent estimates, foreign trade, which includes re-exports, has been increased by nearly 11.4-percent during the 1st half of 2012. It has been said that the growth of the GDP is heading in the right direction to accomplish the early estimations of the government of 5-percent growth for the present 2012 fiscal year.

Earlier during this month, Direct General of the Economic Development Division of Dubai, Sami Al Qamzi, said that the recent predictions indicate that the economy of Dubai is more likely to advance at higher than 4-percent in 2012. Major engines of this extraordinary growth numbers were tourism, FDI, trade, exports, re-exports, and logistics, which usually shaped the foundation of evolution of Dubai into a prominent international hub.

The restaurant and hotel business observed in excess of 16-percent improvement, while production in the region increased by 10.4-percent, as per the latest stats. The Executive Director of DSC, Arif Obaid Al Muhairi, told that these latest indicators are actually heading towards expansion owing to the pleasing diversity of tourism product of Dubai.

Al Muhairi added that the diversity of region’s tourism greatly assists to compel more and more tourists towards it, and thereby helping to improve the demand in associated activities, and ultimately leads to substantial improvement in the performance of the regional economy. It has been noted that the retail and wholesale trades, which actually form almost one-third of the region’s GDP, increased by 3.8-percent during the initial 6-months of the present 2012 financial year.

The business services and real estate segment in Dubai improved by nearly 1.5-percent during the same period this year. Arrivals of tourist in the area increased by almost 10-percent and overall earnings of the local hotels advanced by 19-percent during the 1st half of 2012. In total, nearly 5-million tourists paid a visit, and stayed in Dubai during the first half, and another 5-million tourists are estimated during the 2nd half of 2012.

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