Dubai government projects 3% growth

Dubai : Economic growth in Dubai will return in different ratios ranging between two to three per cent in the first quarter of 2010 and will return to its normal growth rates by the onset of 2011, said a report issued by the Dubai Department of Economic Development (DED).

The report about Dubai's economic situation of 2009 drew an optimistic picture, predicting sustainable growth after the repercussions of the economic downturn on some of Dubai's sectors.

Indicators

The predictions and assumptions made in the report rested on a number of indicators such as price drops after an inflation period which will lead to the growth of traditional sectors such as trade, transport and tourism, as well as the return of demand on financial services. Dubai will also concentrate on the economic strategy based services.

The report called for the adoption of investment developing policies in vocational fields and backing them financially to be of added economic value in Dubai, especially after a growth rate of 23 per cent was registered in issuing vocational licences and 122 per cent of Intilaq by the end of this year's third quarter.

The report also added that the DED has prepared a plan to back growth in the emirate to which it has given prime priority through making a number of initiatives, and economic policies with both direct and indirect effects on Dubai's investment climate.