Dubai has revived its growth forecasts in a sign of growing confidence in its economy, according to an FT Article.
At a World Economic Forum meeting in Dubai, which closed on Wednesday, Dubai officials communicated their national economic growth targets.
The government says nominal GDP will reach Dh490bn ($133bn) by 2015, up from Dh367bn in 2011, with Dubai averaging real growth of 4.5 to 5 per cent a year through 2015.
“Dubai’s economy is well diversified and resilient to external as well as domestic shocks,” Sami al-Qamzi, director-general of Dubai’s department of economic development. “We think that growth will be more sustainable, albeit at a more moderate pace than in previous years.”
This article underlines the stability of the Dubai economy and the fact that Dubai remains a great destination to build a long term career or start a business.