The Department of Economic Development (DED) was quoted in a Twitter posting by the Dubai Media Office that Dubai’s economy will grow 3.2% in 2020, accelerating from the expansion of 2.1% in 2019.
Dubai’s economy grew 1.94% in 2018, it was the slowest step since a reduction in 2009 when it was stumbled by a debt crisis caused by a property crash.
Dubai has a diversified trade and tourism economy and it is one of the seven territories of the United Arab Emirates. It has faced a slowing real estate market for most of the decade, except for a brief pickup more than five years ago.
But this may give a boost to tourism and improve conditions for the retail sector of the emirate’s real estate market, media office says.
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