Friday 11 December 2009

Dubai economy to rebound 2-3 pct in 2010

The economy of Dubai is expected to grow 2-3 percent in 2010 after contracting about 2 percent this year due to slowing real estate and construction sectors, a senior government official was quoted as saying on Friday.

Sami al-Qamzi, the head of the economic development department, told the state television the economy shrank 1.47 percent in the first half of 2009, al-Ittihad and al-Khaleej newspapers reported.

This year's slowdown will be partly offset by a 9.1 percent growth in the financial sector and a 5.9 percent expansion in the consumer goods industry, Qamzi added.

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