Dubai registers 8pc GDP growth in 2000

On the back of higher returns from oil, Dubai's gross domestic product (GDP) grew eight per cent during 2000 to total Dh60.18 billion.

The comparable figure for 1999 was Dh55.81 billion, though growth that year was 12 per cent, primarily from the gains made in international oil prices from their 1998 lows.

"The GDP growth Dubai has achieved is high considering that the general rates elsewhere have been around 4 and 5 per cent. All the major sectors - manufacturing, oil, financial services and retail - performed well last year," said Ahmed Abdul Rahman Al Banna, assistant director-general for studies and international affairs, Dubai Chamber of Commerce and Industry.

In comparison, the UAE posted a GDP growth of 17.5 per cent to Dh223 billion in 2000. The country's GDP in 1999 was Dh190.5 billion.