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FINANCIAL NEWS
Dubai expects GDP to grow by 3 to 5% in 2011
01 Mar 2011
(MENAFN) The Director General at the Dubai Chamber of Commerce and Industry, Hamad Bu Amim, said that Dubai’s gross domestic product (GDP) is expected to grow by three to five percent in 2011, reported Gulf News.
Bu Amim said that the impact of the local businesses rising elsewhere in the region could not be measured yet.
The director general said that Dubai has to expand its food reserves in order to counter hiking food prices. Dubai’s food imports account for eighty percent of the city’s food needs. The UAE had previously said it plans to establish 3 month food reserves of necessary supplies in an attempt to shield against inflation and crises.
Bu Amim said that the city witnessed growth of 2.5 percent in its economy year on year in the first three quarters of 2010.
It is worth noting that Dubai accounts for around eighty percent of non-oil trade of the UAE.
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