Dubai's economy 'is growing with exceptional speed'
6/13/2007 9:16:49 AM
Both the economies of Dubai and the United Arab Emirates (UAE) are growing with "exceptional speed", according to a new report.
New information released by the UAE ministry of the economy and the Dubai Chamber of Commerce and Industry (DCCI) found that Dubai now accounts for 43% of Dubai's non-oil economy, as well as nearly a quarter of the country's total economy.
The Khaleej Times reported that wholesale retail trade and repair services have been driving forces for the Dubai economy, while the construction sector has also demonstrated rapid growth.
A spokesman for the DCCI explained: "Both the UAE and Dubai are growing with exceptional speed. In other words, the sectoral structure of Dubai non-oil GDP remained relatively unchanged with the wholesale retail trade and repairing services sector continuing to drive Dubai economy."
The UAE has a policy of encouraging the growth of its non-UAE economy, with increasing foreign investment and an expansion of the service sector seen to be key to achieving this goal.
Dubai is a city in the United Arab Emirates that is built around the principles of free trade, foreign investment, and sound business practices. It was Sheikh Maktoum bin Hasher Al Maktoum who declared Dubai as a free port in 1901, abolishing all tariffs. The Dubai property market is setting the standards for property development throughout the world more
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Both the economies of Dubai and the United Arab Emirates (UAE) are growing with "exceptional speed", according to a new report.
Dubai is a city in the United Arab Emirates that is built around the principles of free trade, foreign investment, and sound business practices. It was Sheikh Maktoum bin Hasher Al Maktoum who declared Dubai as a free port in 1901, abolishing all tariffs. The Dubai property market is setting the standards for property development throughout the world
