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Dubai reduces 2009 growth to 2 percent from 4 percent

Dubai reduces 2009 growth to 2 percent from 4 percent

Plus, Oil prices shoot up to $60; Qatar inflation rate drops to zero; Power demand increases in Dubai; UAE rubbishes Human Rights Watch report on workers

May 20, 2009 12:00 by



Dubai reduces 2009 growth to 2 percent from 4 percent

Ab: Officials have blamed the reduction on…

Dubai has revised down its economic growth expectation for 2009 to between 1.5 and two percent, says a <a href=”http://www.arabianbusiness.com/556102-dubai-revises-2009-growth-to-2-down-from-4-

“>report</a> in Al Bayan newspaper, quoting General Sami Al Qamzi, the director of Dubai’s Department of Economic Development (DED).

During the start of the financial crisis, Dubai was expected to grow at four percent this year, but it was lowered to two percent because of the current economic situation, Qamzi told Al Bayan.

Oil prices shoot up to $60

Ab: The prices went up because of hopes of a …

Oil prices have risen above $60 a barrel on hopes of a recovery in the US economy, reports the <a href=”http://news.bbc.co.uk/2/hi/business/8056922.stm

“>BBC</a>. US crude rose by $1.02 a barrel to $60.05, while London Brent crude was up 75 cents to $59.22 on Tuesday. “Oil seems to stay resilient in spite of ample supply as it continues to focus on the prospects of economic recovery and the rising risk of commodity price inflation,” a trader said.

Oil prices also went up because of fears that attacks on oil facilities in Nigeria could hit supplies, says the report.

Qatar inflation rate drops to zero

Ab: Authorities have said that inflation will no longer…

The inflation rate in Qatar has fallen to zero, and prices may drop further because of lower costs in housing and other sectors, Ibrahim Al-Ibrahim, an advisor to the country’s Emir <a href=”http://tradearabia.com/news/ECO_161533.html

“>reportedly</a> told Al-Arab newspaper. 

“The rate of inflation in Qatar is nil or even less than zero. It is currently negative,” he said, adding that “Inflation will no longer be a problem during this year, even if prices rise again.”    

Power demand increases in Dubai

Ab: In the first quarter of the year, demand rose by…

Electricity demand in Dubai increased 13 percent in the first quarter of the year as compared to the same period in 2008, reports <a href=”http://www.thenational.ae/article/20090519/BUSINESS/705199992/1138

“>The National</a>.  Saeed Al Tayer, the CEO and managing director of the Dubai Electricity and Water Authority (DEWA) said that he expects demand to further rise by 10 percent this year.

“It is higher than the budget actually,” he said adding, “This crisis makes us think and re-plan our strategy, I think especially on the efficiency of production.”

UAE rubbishes Human Rights Watch report on workers

Ab: The government has called the report…

The UAE government has said that a recent report by Human Rights Watch (HRW), which criticized the country of exploiting Asian workers, lacked substance and transparency, reports official news agency, <a href=”

http://www.wam.org.ae/servlet/Satellite?c=WamLocEnews&cid=1241072660287&p=1135099400124&pagename=WAM%2FWamLocEnews%2FW-T-LEN-FullNews”>WAM</a>.

The HRW report claimed that workers hired to build the Saadiyat Island in Abu Dhabi were caught up in “a cycle of abuse that leaves migrant workers deeply indebted, badly paid, and unable to stand up for their rights or even quit their jobs”.

“While the government is open to constructive criticism on the scope and pace of its efforts to extend protection to workers under the law, the report’s arbitrary generalizations and minute research sampling do not withstand scrutiny and cast a cloud on the credibility of the entire report,” said Anwar Gargash, the minister of state for foreign affairs.

 



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