UAE 2011 economy to grow 5%

13 Sep 2011

(MENAFN) Pricewaterhouse-coopers (PWC) said that this year, UAE’s economy would grow 5 percent as a result of higher oil prices along with a surge in tourism, trade and communications, reported Emirates 24/7.

The global business analysis firm added that both the UAE and Saudi would be amongst nations with highest growth rates in the Middle East and North Africa (MENA) region.

It also said that last year, the country’s gross domestic product (GDP) grew by around 3.2 percent after it shrank in the previous year, while real GDP recorded one of its highest growth rates in 2008 at 7.4 percent.

It is worth noting that hotel occupancy in the year’s first few months was projected to grow between 70 percent and 80 percent, whereas trade would also expand, due to the current political upheaval in the region that would give a strong push to Dubai as a main commercial hub in the world.

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