Dubai economy advances in 2013

December 11, 2013 - 12:02:26 pm

DUBAI: The year of 2013 will be remembered as a breakthrough year for Dubai as the emirate won the bid to host World Expo 2020, while witnessing strong backwinds in the field of trade, real estate, tourism and culture.

Back in Dec. 2009, Abu Dhabi had to bail out Dubai with a loan worth 10 billion U.S. dollars after state-owned developer Nakheel failed to pay off an Islamic bond worth 3.52 billion dollars upon maturity.

In 2013, the once shattered housing market is booming, so does the stock market. 

Tourists are pouring into Dubai's over 600 hotels, China’s news agency Xinhua said in a report.

Earlier in the week on Sunday, the Dubai customs authorities said in 2011 the emirate's foreign trade reached 1.1 trillion Dirhams or about 300 million dollars, surpassing the 1 trillion Dirhams or 272 billion dollars mark for the first time. 

It marked Dubai's strongest economic uplift since the global financial crisis in late 2009 which pushed the emirate to the brink of bankruptcy.

Dubai's best moment this year is on Nov. 27, when it won the bid to host the World Expo in 2020.

Meanwhile, the 10th edition of the annual Dubai International Film Festival which was opened on Dec. 6 proved that the emirate emerged as platform for the cinematic scene in the Middle East, Asia and Africa.

Furthermore, the breakthrough in the negotiations between the six world powers and Iran on the latter's nuclear program on Nov. 24 triggered optimism among Dubai's exporters that eased sanctions would re-open doors to the neighboring Iranian market. (QNA)

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