Thursday 23 April 2009

Dubai economy expands by 1%

Dubai’s economy grew one per cent in the first quarter of this year compared to the last quarter of 2008, according to a senior official.

Omar bin Sulaiman, the governor of the Dubai International Financial Centre, said government spending and an increase in confidence thanks to a $10bn loan from the United Arab Emirates central bank had helped foster recovery after the sharp slowdown witnessed last year.

“We estimate Dubai’s economy to have grown by one per cent in the first quarter, fuelled by the government stimulus package and the increase in expenditures,” he told a meeting of the British Business Group in Dubai on Wednesday, adding that confidence was returning to the economy.

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