15 Feb 2012
(MENAFN) Dubai’s Supreme Fiscal Committee’s chairman, Shaikh Ahmad Bin Saeed Al Maktoum, said that in 2012, the emirate’s economy would expand 4.5 percent, beating earlier estimates of 3 percent, reported Gulf News.
Sheikh Ahmad added that during the last couple of years, Dubai’s economy returned to positive growth, although it was at a moderate pace compared to the pre-2009 levels.
Moreover, gross domestic product (GDP) in 2011 grew by more than 3 percent, with trade, logistics, transportation and tourism sector accounting for 60 percent, whereas in 2010, the emirate’s economy grew by nearly 2.5 percent.
It is worth noting that Dubai achieved economic growth in 2010 and 2011 in spite of a 12 percent drop in real estate and construction sectors in 2009.
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