Dubai records 4pc eco­nomic growth in 2015

The Pak Banker - - 6BUSINESS -

DUBAI: Dubai's econ­omy emerged re­silient and wit­nessed growth of around 4 per cent in 2015 de­spite global chal­lenges cre­ated by the drop in oil prices, the eco­nomic un­cer­tain­ties in Europe, China and Rus­sia, and weak global de­mand for com­modi­ties. This was stated by Dubai Cham­ber of Com­merce and In­dus­try pres­i­dent and chief ex­ec­u­tive of­fi­cer Ha­mad Buamim in his ad­dress to a large num­ber of diplo­mats based in the UAE on Mon­day evening. ".. at the end of 2015, the growth was some­where be­tween 3.5 and 4.5 per cent," Buamim in­formed. Trade, tourism and fi­nan­cial ser­vices helped boosted the growth, he added.

The Dubai Sta­tis­tics Cen­tre (DSC), last week said, Dubai recorded 4.5 per cent growth dur­ing the first nine months of 2015 com­pared to same pe­riod in the pre­vi­ous year.

Ex­plain­ing the rea­son for re­silience, Buamim said that it is due to the emi­rate's di­ver­si­fied econ­omy, which greatly min­imised the im­pact of the global slow­down's neg­a­tive ef­fects on its var­i­ous eco­nomic sec­tors.

Dubai's econ­omy achieved pos­i­tive re­sults in the ar­eas of avi­a­tion, air cargo and tourism, which have grown over the past year, while trad­ing ac­tiv­i­ties re­mained sta­ble de­spite the chal­lenges, Buamim ex­plained.

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