UAE economy is growing

Secretary General of Dubai Economic Council (DEC), Hani al-Hamli, has said the UAE economic growth sees a fresh upward trend at the macro and the micro levels despite the fragile global economic growth. Al-Hamli, in statements on the margins of the annual meeting of the World Bank and International Monetary Fund meetings in Washington D.C., cited local and international reports projecting the GDP growth of the UAE economy to advance at a rate of 4 to 5% in this year. "This steady growth is attributed not only to the oil sector which currently sees more stable prices, but also to the growth of non-oil sectors such as tourism, trade, and logistics besides transportation, thanks to the UAE government's economic diversification strategy now giving its fruits," added al-Hamli. The official says that the economic growth in the UAE, in general, and in Dubai in particular, is being driven large government investments, large number of strategic initiatives as well as mega projects, aimed to enhance development programs, in infrastructure and energy sectors in particular. Al-Hamli also said the UAE is well-prepared to host the 2020 World Expo in Dubai, and through winning its bid to host the global event, it will confirm its stature among the world's advanced nations.