The revised estimate predicts a boost of passenger traffic by 6 million compared to last year’s figures
While during the first five months of 2008 it was 8.7 per cent, the head of Dubai Statistics Center, or DCS, was quoted as saying on Saturday.
Rental prices for residential units rose 3.2 per cent in the first five months, compared to a 5.4 per cent increase in the same period last year, Arif Obaid Al-Muhairi was quoted as saying in a report appeared in local media.
Rents in Dubai have at least doubled during a building boom that came to an end late last year after the global financial crisis and oil prices dropped off peaks of $147 a barrel last July.
Last month, the UAE’s central bank governor said a rapid price fall in the country, which saw inflation drop to 1.9 per cent in April, would not lead to deflation. With its revised growth estimates, Morgan Stanley last month predicted that the UAE economy to shrink this year. The International Monetary Fund has forecast the economy to shrink by 0.6 per cent in 2009, while another investment bank, EFG-Hermes, has estimated an annual decline of 1.7 per cent. Swiss bank Credit Suisse expects the economy to contract by 2.5 per cent.
· With inputs from agencies
The revised estimate predicts a boost of passenger traffic by 6 million compared to last year’s figures
A UAE publisher was ordered to pay Dh18.7 million to the game creator, ending a seven-year legal battle
The B U trend has taken platforms like TikTok by storm, showcasing the ability of UAE content creators to elevate even the smallest moments into a global phenomenon
SJS Accounting offers expert guidance in corporate tax and financial compliance, empowering companies to thrive amidst regulatory changes and ensure long-term success
The emirate does not cater to any specific category of tourism but to a wide spectrum of travellers
The rainy conditions experienced by residents across various parts of the UAE came after the weather department's forecast predicted rainfall until September 30
Industry leaders gathered to discuss innovative procurement strategies at the event organised by CIPS and Creative Lab Interiors and Contracting LLC, emphasising the urgent need for responsible practices in the interior fit-out sector
Details of the Hezbollah leader's funeral have not yet been officially announced