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FINANCIAL NEWS
Dubai’s main sectors growing, all indicators strong
22 Jun 2011
(MENAFN) Dubai Supreme Fiscal Committee chairman, Shaikh Ahmed bin Saeed Al Maktoum, said yesterday that Dubai’s core businesses are doing well and that all the economic indicators were good, Gulf Daily News reported.
Trade, tourism, air transport, and services sectors have grown consistently since 2009 and have continued to grow this year, Shaikh Ahmed, who is also chairman of airline Emirates and Dubai World and an uncle of Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, said. The number of passengers at Dubai’s airport increased to 3.97 million, a jump of 8.8 percent since May since the same time last year.
Dubai is recovering this year after instability in other countries in the region brought investors to Dubai, leading to an increase in trade.
Massive restructurings and bailouts after the 2008 financial meltdown increased Dubai’s debt to USD113 billion, 138 percent of its GDP. Dubai must pay about USD30 billion of its debt by 2013.
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