Dubai revises 2009 growth to 2%, down from 4%

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GROWTH FORECAST: Dubai's economic growth has slipped from 4% to 2% for 2009.

Dubai has revised down its economic growth expectation for 2009 to between 1.5 and two percent, a newspaper reported on Tuesday, citing comments of the head of Dubai's Department of Economic Development (DED).

"He said the department expects Dubai annual growth at between 1.5 and two percent if there are no unforeseen events," daily Al Bayan reported, citing DED Director General Sami Al Qamzi.

At the start of the financial crisis growth expectations for Dubai stood at four percent, but this was lowered to two percent after a review in light of the current economic situation, Qamzi told Al Bayan.

Dubai, the Gulf region's commerce and trade hub, is suffering from a property sector downturn that has led to scores of project cancellations and prompted companies across the emirate to slash thousands of jobs. (Reuters)

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