Dubai Economy Soaring

09 Feb 2013

Dubai's economy is on a high following sustained growth momentum in core sectors such as tourism, trade, manufacturing and real estate.  The Emirate's composite Business Confidence Index reached 135.9 points in the last quarter of 2012, a 10.8% increase compared to the previous quarter and 2% growth in the same quarter in 2011.

The outlook for 2013 was either higher or stable sales, and the optimism was evident in 94% of the businesses that participated in the quarterly business survey, conducted by the Department of Economic Development (DED) during October-December last.

Owing to the brighter business outlook, the hiring prospects in the Emirate have increased. More than a quarter of the businesses have said their hiring prospects have been boosted. The rest said they would retain their current headcount.

"The prevailing business sentiment in Dubai is strong evidence that economic growth in the Emirate is steady and heading towards sustainability. Rising confidence in critical economic sectors and strengthening macroeconomic fundamentals are stimulating business and employment prospects in Dubai," His Excellency Sami Al Qamzi, Director-General of the Department of Economic Development, has said.

Expectations are the highest among trading firms, followed by services and manufacturing companies. The rising optimism is also a reflection on the anticipated consumer demand during the Dubai Shopping Festival.