Dubai returns to growth path

Resilient enough to weather the impact of the global economic crisis, the whole United Arab Emirates (UAE) is expected to post 2.4% growth in 2010, according to the International Monetary Fund (IMF). This projection is higher than the earlier estimate of 1.3% released by the IMF in May. For 2011, the UAE economy is expected to expand by 3.2% and with huge spending on petrochemical, infrastructure and industrial projects, the UAE will definitely set the stage for the economic recovery of its emirates. Dubai, which has gone through a host of economic challenges in the past few months, is expected to enter a new phase of growth starting the last quarter of this year. Analysts from the Citi Group expect the Emirate to grow by 1.6% this year, 4.7% in 2011 and 6.3% in 2012. Rising oil prices will provide the government the revenues needed to create business opportunities. The projected growth will likely benefit such sectors as tourism, trade, logistics, transportation, while domestic consumption will also pick up creating demand for products in the domestic market. Dubai's infrastructure is also seen as a major factor that adds to its attractions. Dubai's trade sector will continue to contribute to the recovery given its substantial 40% contribution to Dubai's gross domestic product (GDP) while non-oil trade makes up about 18%. Improvements in the delivery of government support to boost trade following the UAE Ministry of Economy's launch of a new range of e-Services which will enhance access and delivery of government services to reduce delays via the use of e-processing. The ministry's plans for total electronic conversion are expected to be more than 80% complete by the end of the year. This will also involve the issuance of Arabic Certificates of Origin online. This service offers flexible procedures for investors and will pave the way for improving the investment environment of the UAE. Also to be launched is the Certificate of Origin form (A) Generalised System of Preferences, which will give privileges to UAE exports, especially national products, by reducing customs fees from 38 member states. Also being put in place is Electronic System for Goods Monitoring with the required infrastructure being finalised in cooperation with the Federal Customs Authority. Targeted to be operational in the second half of 2011, the new system works through the electronic link between the major trading centres and all UAE customs ports, and has the capacity to monitor the prices of 200 commodities daily. Being the home to the biggest port in the Middle East, Dubai also opened its logistics corridor to facilitate the flow of shipments between sea and airports in the area. The Dubai Logistics City (DLC) is the world's first multi-modal integrated logistics platform. DLC incorporates more than 25 sq. km of free zone and serves every transport mode, logistics need and value-adding operation in the supply chain, including manufacturing and assembly, all within a single-bonded, free zone environment. The flow of sea-to-air cargo will thus be eased with the elimination of the processes of exit and entry from one zone to another. With a capacity to turn over 12 million tonnes of air cargo annually, DLC is strategically located alongside the world's biggest airport, the new DWC Al Maktoum International Airport and adjacent to one of the world's largest container handlers, Jebel Ali Port and Free Zone. (the end)Кроссовки Lifestyle