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Dubai economy to grow 5% |
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Muzaffar Hameed |
April 19, 2011, 06:05:24 AM |
DUBAI — Soaring trade volumes and a jump in foreign direct investment, or FDI, flow have propelled Dubai’s economy on to a five per cent growth trajectory this year, a top official of the Dubai Chamber of Commerce and Industry said on Sunday.
“Inquiries on FDIs received by Dubai Foreign Investment Office have shot up by 30 per cent this year while the emirate’s economy is estimated to expand by five per cent this year, which again is good news for investors looking to set up business in Dubai,” said Hisham Abdullah Al Shirawi, second Vice-Chairman of the Dubai Chamber.
The latest official forecast on Dubai’s growth is more bullish in comparison to a four per cent growth predicted last month by Mohammad Lahouel, chief economist at Dubai’s Department of Economic Development.
In 2010, Dubai’s economy grew by around 2.2 per cent in real terms.
In his keynote speech at the second Middle East Business Leaders summit, Al Shirawi said Dubai has retained its position as the choicest investment destination in the region while remaining in its traditional role as a vibrant gateway to the rest of the Gulf region. Full story
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