Dubai’s budget deficit may be lower than expected
Good news for Blackberry carrying types – share prices on the DFM rose 0.5% after reports emerged indicating that Dubai’s economy is performing better than expected. It seems that this year’s budget deficit could be lower than 2% of GDP, making the emirate a more desirable investment than it has been in recent months. The [...]
Business and economy in Dubai
Business in Dubai Although built on the back of oil revenues, 94% of Dubai’s revenue is now earned from other sources. Trade, import-export and financial services now form the cornerstone of Dubai’s economy, with IT also becoming an increasingly important contributor. The economy of Dubai Dubai had been enjoying a decade long period of boom [...]
The rise, fall and salvation of Dubai
The First Post has a great background piece on the rise and, much exaggerated, fall of Dubai. It features a potted history of how Dubai became so wealthy and why the emirate chose to take the direction it did – because its oil resources were predicted to be exhausted by the 2020s for those who [...]
Dubai scales down growth and records its first budget deficit
As you are no doubt aware, the global recession is hitting Dubai hard. Even the relentlessly optimistic and upbeat Dubai Government is being forced to acknowledge this as it revises it growth forecasts till 2015 downwards from 11 percent per year to 4-6 percent per year in view of the global economic crisis. When the [...]
Dubai government moves to stabilise economy
In response to growing fears about its economy, the notoriously secretive Government of Dubai has broken with tradition by disclosing details of its finances, merging and nationalising banks and financial groups and putting the brakes on its property market which many fear is on the brink of collapse. The following figures were stated: Dubai’s borrowings: [...]