Dubai thrives for economic progress in the coming years, 2011 was the first step – Part 4

Hundreds of thousands of entrepreneurs started new businesses, built new homes, hotels and malls at the most popular and populated Sheikh Zayed Road in Dubai, since the government allowed foreigners to own houses and offices in 2002.

The economy of Dubai may expand as much as 5 percent given the circumstances remain unchanged and Euro debt crisis does not expand to other areas. The rise in the oil prices might also assist in getting back the state to its previous status.

“Dubai’s economy is the best it’s been since 2008,” said Simon Cooper, chief executive officer of HSBC Holdings Plc’s Middle East business. “Growth is not being driven just by real estate, but also by trade and finance.”

Investors are starting to expand their businesses in the region. The example of Gary Seabrook, general manager of Caparol Paints in the UAE is in front of us. The 23 year veteran in the paint industry never bailed on the city and was in fact the first one to start spending in Dubai again. He has started to expand his business and Dubai seaport and initiated a new plant near Dubai International Airport. Caparol Paints, a subsidiary of Deutsche Amphibolin Werke Group, Europe’s largest paint manufacturers, is exporting as much as it is delivering in the UAE.

According to Dubai’s Chamber of Commerce, the exports in the city increased 15 percent in 2011 and is estimated to keep rising this year.

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Posted by Usman Khalid on Mar 12 2012. Filed under Business, Middle East, World. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.