Dubai’s economy is back in business,c said in its latest economic report on the region, outlining data that suggests that even as the emirate’s core economic sectors of trade and tourism are roaring back to life, the worst impacted real estate sector too witnessing green shoots of recovery.
In the just published Middle East focus economic report, Standard Chartered analysts Shady Shaher and Victor Lohle maintain that the UAE’s first-half performance was driven by increased hydrocarbon output from Abu Dhabi and strong non-oil growth in Dubai. “We believe these two factors will continue to drive growth in the UAE for the rest of the year,” the analysts said.
Dubai’s “economy is back in business,” the report said, adding that “non-oil economic indicators in Dubai look positive, in line with our positive view on the emirate this year.” Figures compiled by the Dubai Chamber of Commerce and Industry show that exports and re-exports rose by 16.5 per cent in the forst half of 2011. The emirate’s tourism sector is also doing well, with hotel occupancy above 70 per cent in June (the off-season period in Dubai). Passenger numbers at Dubai International Airport were up 10.4 per cent year-on-year in June, and rose 8.9 per cent in the first half of the year.
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