Dubai has revived its growth forecasts in a sign of the indebted emirate’s growing confidence in its nascent economic recovery.
Officials used a high-profile World Economic Forum meeting in Dubai, which closed on Wednesday, to reaffirm growth targets that had been quietly shelved since the real estate crisis of 2008, when property values fell by up to two-thirds.
The government says nominal gross domestic product will reach Dh490bn ($133bn) by 2015, up from Dh367bn in 2011, with the emirate averaging real growth of 4.5 to 5 per cent a year through 2015.
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