2004 was golden year

Dubai beat economic growth records in almost all sectors.

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By  Elizabeth Drachman Published  January 3, 2005

Last year has proven to be a banner one for Dubai. The emirate broke almost all previous growth records. It registered a record 16.7% growth with the GDP touching US$27.22 billion. Mohamed Ali Alabbar, director general of the Department of Economic Development for the Government of Dubai, predicts even more growth for this year, perhaps up to 10%. “At current prices, Dubai’s GDP has recorded a phenomenal increase to Dh98.1 billion in 2004 up from Dh84.1 billion in 2003,” said Alabbar. “When compared to Dh62.3 billion in 2000 and Dh41.2 billion for the year 1995, this puts the accumulated annual growth of Dubai’s economy in the last decade at 10%, the highest rate of growth in the world,” he said. Alabbar cited an increase in local spending, the constant growth of non-oil sectors and the sustained high oil prices as contributors. “The growth in cross-sector relations has further vitalized these sectors with the increase in tourist numbers having a positive impact on trade and services, tourism and trade benefitting from the continuous growth in the services sector and the exceptional growth of the construction sector creating similar positive impact on trade, services and banking,” he added.

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