Dubai’s economy may grow between 1.5 percent and 2 percent in 2011, mainly driven by expansion in the services, trade and tourism industries, Shady Shaher, a Standard Chartered Plc economist, said in Dubai today.
The United Arab Emirates, a federation of seven sheikhdoms including Dubai, will grow 4 percent next year while Abu Dhabi will rise 5 percent, the bank said in a report issued as Shaher made his remarks. The U.A.E. economy probably grew 3 percent in 2010, it said.
“With global trade looking unlikely to sustain the sharp rebound seen in 2010, re-exports and the logistics sector, of critical importance to Dubai, will be only moderately positive for growth,” Shaher wrote in the report. Trade accounts for 40 percent of Dubai’s economy, and along with tourism helped drive Dubai’s “recovery despite the challenges of a suppressed housing market and debt overhang,” according to the report.
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