Alabbar hopes 5% growth in UAE

UAE economic advisory council said that worst of global slowdown has been over and Dubai’s economy is expected to grow by 5 per cent in 2009 amid improving demand and conditions of the economic market.

The country’s biggest property developer, Emaar Properties Chairman Mohammed Alabbar said that Dubai and rest of the UAE region is holding up and expected to perform better in the coming quarters.

Alabbar, while addressing a gathering of the World Economic Forum, added, “We used to grow by 15 per cent, this year (Dubai) we will probably grow by five per cent.” He said that Burj Dubai, the world’s tallest skyscraper, to be opened on January 4, would boost the property segment of the country.

Alabbar hoped that investors would take the second $10 billion bond issuance of the Dubai government very enthusiastically. The proposed issue is aimed to help recession-hit government-owned and government-affiliated companies. The first tranche of $10 billion has already issued by government in February.

Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai also hoped that second program would be taken well by the market.