Strong growth in trade and tourism in the UAE is a clear indication that the economy is well on the way to a full recovery from the global financial crisis. Non-oil foreign trade in the UAE during the first nine months of this year grew 11 per cent. This is important as it indicates that the country is succeeding in its policy of diversifying its economy away from oil, which will stand it in good stead during future global economic turmoil. It is also a sign that the country is strengthening its position as a regional and international commercial centre.
At the same time, Dubai has recorded a six per cent increase in tourism revenue during the first nine months of this year. In Abu Dhabi, the tourism authority reported 27 per cent growth in hotel guests compared to the same month last year. While there are more hotel rooms in the UAE, the country has succeeded in attracting a broader range of tourists, a positive development for the industry.
The growth in UAE international commerce and tourism figures is also good news for the global economy, as they indicate that consumer and investor confidence is picking up among the country's many trade partners.
