"Dubai’s gross domestic product expanded the most in five years in 2012 as the emirate, whose economy collapsed after the global credit crisis, rebounded on hotel and restaurant activities.
The emirate’s economy grew 4.4 percent last year, compared with 3.6 percent in 2011 and 3.5 percent in 2010, according to Dubai Statistics Center data. The sub-index for restaurants and hotels grew 17 percent in 2012, while manufacturing expanded 13 percent. Wholesale, retail trade and repairing services, which account for 30 percent of Dubai’s GDP, climbed 2.3 percent, the data show. The emirate’s economy expanded 18 percent in 2007.
Dubai’s economy is rebounding as confidence in the emirate’s ability to repay its debt is restored. Three state-linked companies paid or refinanced $3.75 billion of debt in 2012, in addition to a 3.3 billion dirham ($898 million) liability that matured in April. Sheikh Ahmed bin Saeed Al Maktoum, head of the emirate’s Supreme Fiscal Committee, said the emirate is committed to repaying its debts, and will do “whatever we have to do.”"
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