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Dubai economy seen growing 0.5 pct in 2010 on trade – IMF

Good news as economy seen returning to growth... just.

October 24, 2010 3:27 by

Dubai’s economy is likely to grow by 0.5 percent this year after shrinking 0.9 percent in 2009 due to a pick-up in the Gulf Arab emirate’s foreign trade, an International Monetary Fund official said on Sunday.

“Zero point five percent is the point number … but a lot depends on what happens in the remaining period with trade,” Masood Ahmed, director of the IMF’s Middle East and Central Asia Department, told Reuters.

The member of the United Arab Emirates, which had been hit by the global crisis and local debt woes, accounts for around 80 percent of the UAE non-oil trade.

(Reporting by Martina Fuchs; writing by Martin Dokoupil; editing by Raissa Kasolowsky)

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