Arab Spring is ‘helping to boost Dubai’s economy’

Arab Spring is ‘helping to boost Dubai’s economy’

Dubai is considered as a safe haven compared with other areas of the Middle East, as a result of the Arab Spring.

Summary:

  • Firms from Arab Spring countries have moved their interests to Dubai
  • It is a safe place for them to invest their money
  • Dubai’s economic and tourism sectors have been growing as a result

Dubai’s economy continues to grow, as it is thought of as a safe haven compared to other countries in the Middle East.

The Arab Spring, which has seen political and civil unrest in Egypt, Tunisia, Syria, Lebanon and Bahrain, has forced tourists and investors to look elsewhere in the region.

Nicholas Bortman, Head of Middle East Research for GPW, told Al Jazeera: “There is little doubt that there has been a lot of movement of firms from Arab Spring countries to Dubai.”

Professor of Anthropology at The University of the Pacific Ahmed Kanna also told the news provider that the Gulf “is a place to go for people when things get hot in their own countries”.

Dubai has seen vast economic improvements recently, and fiscal growth was 4.4% in 2012, which is the highest rate in six years.

Firms in the United Arab Emirates (UAE) also believe conditions will get better, with 86% of businesses saying they are confident about sales and profits for the second quarter of 2013, according to the Department of Economic Development’s Business Confidence Index.

Dubai’s tourism sector also continues to grow and Dubai International Airport revealed 21.9 million people used the travel hub between January and April, a 16.3% rise in the number of people who passed through during the same period in 2012.

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