Dubai growth rate approaching 17%
United Arab Emirates, Economics, 1/3/2005

The economy of Dubai Emirate which is considered the trade and tourism center for the Gulf region has achieved a standard growth estimated at a rate of 16.7% in the year 2004.

The director of the economic development department in Dubai, Muhammad Ali al-Abbar, said that the GNP for Dubai at current prices increased at a rate reaching 16.7%, achieving a historical record, noting that this had reached 98.1 billion Dirham ( USD 26.7 billion) in 2004, an increase from 84.1 billion Dirham in 2003.

In a statement al-Abbar expected the GNP to grow at a rate surpassing 10% in 2005 so as to reach 110 billion Dirham.

He considered that the government's policies which stand in support of the private sector and the coupled increase in the local spending and continued growth of non- oil sectors as well as the high increase in oil prices were among the factors contributed to achieving high growth rate in 2004.

The UAE official indicated that oil contribution increased at a rate of 10.9% while non oil sectors increased at 17% and this decreased Dubai's dependence on oil from 7% in 2003 to 6.6% in 2004.

He also indicated that the construction sector achieved highest rates in 2004. It achieved growth at a rate of 29% to reach an increase of 11 billion Dirham from 8.6 billion Dirham and then followed the real estate sector which grew at a rate of 22% to reach 10.3 billion Dirham, an increase from 8.4 billion Dirham.

However, the industrial sector achieved a growth at a rate of 16.6% to reach 15 billion Dirham for 12.9 billion Dirham in 2003.

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