Confidence in Dubai economy coming back: Sulaiman

[LRE]

By Shakir Husain, Staff Reporter
Published: April 22, 2009, 23:04


Dubai: Dubai's economy grew between one and two per cent in the first quarter of this year and "confidence is coming back" despite the global slowdown, a top government official said on Wednesday.

Omar Bin Sulaiman, Dubai International Financial Centre (DIFC) governor and vice chairman of the UAE Central Bank, said business conditions in the emirate are improving following government intervention to stimulate the local economy.

Dubai's gross domestic product (GDP) in the first three months of 2009 has grown "one or two per cent" compared with the January-March period last year, Bin Sulaiman said in comments at a forum organised by the British Business Group in Dubai yesterday.

"Dubai has quickly moved into recovery mode as the economy shows signs that it is improving," he said.

http://www.gulfnews.com/business/Economy/10306941.html