Dubai’s economy hit the biggest expansion over the five years as the result of the rise in tourism and trade industry. The Emirate’s gross domestic product price has risen by 4.1 percent in the first half of 2012 to 161.5 billion dirham’s (44 billion dollars). The hotel and restaurant industries have also grown by more than 16 percent, whereas manufacturing expanded to 10.4 percent. According to the Gulf News, the economy of Emirate has grown by 18.1 percent comparing to the last two years, due to high flow of tourist and development of retail industry sector of the country.
The Dubai Financial Market Index has also gone up to 18 percent this year, which is the highest gain since 2010. The retail and wholesale sector of the business consist of nearly a third of Dubai’s GDP which is raised by 3.8 percent in the first six months of 2012.
According to the real estate sector, the construction boom opened the property market to the buyers since 2002, led to several large projects including the world’s largest sky scrape in the world and man-made islands off the coast. In addition to the real estate, the completion of major planned projects led to raise the demand along with prices for the residential properties, especially villas. Recently planned megaproject called Mohammed Bin Rashid City with the biggest shopping center in the world, huge park and over 100 hotels will lead to the further increase the demand for properties and impact the prices to go up.
