27 Dec 2012
(MENAFN) The Dubai Economic Council’s (DEC) latest report reveals that growth of the emirate’s gross domestic product (GDP) in 2011 reached 3.4 percent, up from 2.8 percent a year earlier, reported Emirates 24/7.
The report attributed the growth to fiscal and monetary stimulus packages carried out by the UAE federal authorities and the Government of Dubai, in addition to the resilience of the emirate’s main trade partners, including India and China.
According to Dubai’s Executive Council’s Chairman, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the figures confirm the emirate’s success in prevailing over the consequences of the global crisis, due to the flexibility, diversity and dynamism of its economy, which positions it as a global business and financial center.
Although Dubai’s real estate and construction sectors were extremely affected by the global financial crisis, nevertheless, by early 2010, most of the emirate’s other sectors rebounded rapidly, as a result of the expansionary fiscal policy assumed by the government, the support provided to the financially distressed government related enterprises (GREs), and the insertion of liquidity by the UAE’s central bank into the banking industry.
Foreign and domestic trade remained the major source of income; whereas the tourism sector contributed largely to the economy due to steady growth in tourism activities and sustained investment flows.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more