Business | Economy
Middle East economies growing at 6.5%
Middle East econ-omies are growing at a rate of 6.5 per cent annually.
- Staff Report
- Published: 00:45 April 25, 2008
Dubai: Middle East econ-omies are growing at a rate of 6.5 per cent annually.
Fuelled by the continuing high oil and commodity prices, the combined GDP of Gulf economies together with Egypt and Jordan is expected to cross $1.045 trillion this year, according to global financial services firm, Morgan Stanley.
"The strong economic growth is also intensified by the real estate boom across countries in the Middle East that continues unabated," said Eckhard Pruy, chief executive of Epoc Messe Frankfurt, organisers of exhibitions.
He added: "In the GCC countries, investment spending will expand to at least $800 billion over the next five years, with major projects in the oil and gas sectors, infrastructure, and real estate."
The combined GDP is expected to double this year, from the 2002 figure of $484 billion.
Office space
Industry estimates reveal that the economic growth will add to the volume of new office space in Dubai. "An increase will be seen from 1.6 million metres square presently to 5.6 million metres square in 2009,' said Mehtap Kenar, senior show manager, International CES/hometech.
In Qatar's capital and port city of Doha, more than 16,000 new apartments will be available by 2010, while retail space availability is also set to increase - from 450,000 to 1.13 million metres square between 2007 and 2012, research showed.
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