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Dubai's GDP up 13% last year shows offical data

Dubai’s gross domestic product (GDP) of Dubai rose to between 13 and 16 percent in nominal terms last year, according to preliminary data from a government department.

In real terms the rise was between six and seven percent with 37 percent of GDP coming from the wholesale and retail sectors.
These were the largest contributors to the UAE economy rather than real estate, according to a top official in the emirates’ department of economic development.

Director general, Sami Dhaen Al Qamzi told UAE daily Emirates Business that 2009 looked positive.

The economic development department had come up with these official figures after contradictory data was released from different sources for 2008.

"As a result we have linked up with the Dubai Statistics Centre to come up with the official figures which are still under review and will be released in the first quarter of this year,” he said.

“Overall the 2008 results are healthy, we have overall growth in the economy and GDP," Al Qamzi added.

Dubai was trying to develop sectors such as logistics and finance, which had “high potential”, he said.

“Our role in this is to study these sectors and look at the regulations." Some sectors, such as real estate, would adjust themselves to the new circumstances.”

However, Al Qamzi said he would like to see greater regulation of the financial industry – inline with the International Monetary Fund and the World Bank – this would require forming a new permanent committee for global financial regulation, he added.

”We need a new architecture for international and domestic financial systems capable of safeguarding the interests of all players in a market."

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