Source: Emirates 24|7
Dh23 billion in 2011, an official was reported on Thursday as saying.
“We expect more foreign firms to enter Dubai given its attract investment infrastructure and logistics facilities,” said Fahd Gergawi, executive director of the foreign investment office at Dubai’s Department of Economic Development .
“Dubai’s economy is steadily improving in line with the emirate’s strategy at a time when crises escalate in the West and other parts of the world,” he was quoted as saying by the Dubai Albayan Arabic language daily.
The paper quoted another DED official as saying Dubai’s economy, the second largest in the UAE, is projected to grow by 4.6 per cent through 2012-2015.
“Dubai has not been affected by the debt crisis that hit many western countries,” said Mohammed Al Hadi, chief economist at DED .
“The economic slowdown in the United States and Europe will have a positive effect on capital flow into Dubai…we also expect an increase in investment from other Arab countries suffering from political instability as investors will normally look to a safe environment for their funds such as Dubai.”