Commerce News |
NOVEMBER 2009 |
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A ‘v’-shaped economic recovery has been predicted for Dubai next year, by top officials at the Dubai Chamber of Commerce (DCC), as a financial upturn is expected across the entire UAE region.
Hamad Buamim, director-general of DCC commented: “The impact [of the economic crisis] on Dubai was not as severe as it was expected to be. The long-term outlook has improved considerably and expectations of liquidity and access to financing also look better.” And Buamim is not alone in his view, Dr Giyas Gokkent, chief economist of National Bank of Abu Dhabi concurred: “On current trends, it looks as though we are on a V-track recovery in terms of national income. A low baseline effect will also flatter annual growth figures from the fourth quarter onwards.”
More info: Dubai Chamber of Commerce
It’s already the sixth biggest aviation hub in the world, overtaking Singapore’s Changi last year, but officials at Airbus have now indicated that Dubai is soon set to become the world’s fourth biggest aviation centre after Hong Kong, London Heathrow and Beijing. A massive 40.5 million people are expected to have passed through Dubai International Airport this year, which will be an 8.28 per cent growth in passenger traffic from last year. And it’s not just passenger numbers that are growing, Dubai’s fleet of aircraft is too.
More info: Airbus | Dubai Airport
Dubai has always been at the forefront of information and communications technology (ICT), recognising the importance of integrating it into the economy. A financial tool and a sector in its own right, when it comes to IT, Dubai is looking to maintain its edge over rivals.
Dubai Internet City (DIC), established in 2000 as an ICT hub, allows both foreign and local companies to operate in a free trade zone environment. Malek Sultan Al Malek, the executive director of DIC said: “Dubai has developed the fastest in the region, being the first to create a diverse knowledge-based economy. Technology is the core from which other industries can grow, and I have confidence that working with the education and IT sectors will make technology the most powerful and positive force in people’s lives today.”
More info: Dubai Internet City
Confirming Dubai’s position as a global business hub, international law firm Clyde & Co has decided to set up a second office in the emirate’s International Financial Centre (DIFC) which will serve as headquarters for the firm’s regulatory, insurance, banking and finance practices in the Middle East. The company has a long history in the region, as Clyde & Co was licensed onshore in Dubai in 1989. Dr. Omar Bin Sulaiman, governor of DIFC said: “Legal firms provide key support services and play an important role in the development of a robust financial services industry.”
More info: Clyde & Co | Dubai International Financial Centre
