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FINANCIAL NEWS
Dubai suffers 5% drop in property, construction sector
01 Dec 2010
(MENAFN) Sami Al Qamzi, Director General of Dubai department of economic development, said that during 2010, the emirate has registered a near 5 percent drop in the construction and real estate sectors, whereas all other sectors registered growth, Trade Arabia reported.
The 5 percent decline is driven by the financial crisis, whereas property sale prices in the UAE are estimated to have more than halved in value since peaking in 2008.
However, Dubai was able to manage its debt crisis after Abu Dhabi extended the emirate with a $20 billion lifeline
According to Al Qamzi and other officials, economic growth prospects for Dubai are positive, propped by a healthy recovery in trade, logistics and tourism.
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