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Tuesday, 17 January 2017

Dubai economic growth cooled last year to slowest since ’09

Dubai economic growth cooled last year to slowest since ’09:

"Dubai’s gross domestic product growth slowed to 2.7 per cent last year, its lowest level since the 2009 recession, as the Gulf’s business hub stumbled amid a regional slowdown triggered by two years of lower oil prices. Sheikh Ahmed bin Saeed Al Maktoum, one of Dubai’s top economic decision-makers, said growth had come despite “a changing and challenging international economy,” characterised by weak growth in developing and emerging economies and slowing world trade growth of 1.7 per cent in 2016. Sheikh Ahmed, who chairs fast-growing state owned airline Emirates, forecast GDP growth would increase to 3.1 per cent next year as oil prices stabilise and investment flows increase. Growth was 4.1 per cent in 2015 and 3.5 per cent in 2014, according to official statistics. "



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