Dubai economy poised for revival
The Dubai economy is set for recovery, according to a senior official.
Speaking at the first Economic Seminar of the year, the Director General of Dubai’s Chamber of Commerce and Industry, Eng Hamad Buamim, forecast that a projected increase in crude oil prices will boost government spending, in turn creating new opportunities for investors and businesses.
Buamim also claimed the demographics of Dubai’s economy had changed, identifying trade, exports and financial sectors as key drivers going forward.
Explaining his positive outlook, Buamim said:
“All the positive indicators for the year 2010 show that Dubai is still a sound investment destination in the region as is proved by the surge in the number of passengers travelling through Dubai International Airport, the timely launch of the Dubai Metro and other infrastructure projects. Apart from these, an 11 per cent growth in the value of exports of Dubai Chamber members in 2008 compared to 2007 underscored the strength of the export sector as a strong driver of the economy.”
Source: Khaleej Times