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Dubai’s GDP grew by 4.4% in 2012, new figures show
Dubai's gross domestic product (GDP) increased by 4.4 per cent in 2012, new figures have confirmed.According to the Dubai Statistics Centre, the emirate's economy expanded at its fastest rate since 2007 over the course of the year.The city fell on hard times during the global financial crisis – with GDP contracting by 2.7 per cent in 2009 – but this latest report highlights just how strongly it has recovered. GDP rose by 3.5 per cent in 2010 and then increased by 3.6 per cent in 2011.This shows the sheikhdom has been heading in the right direction for a few years now and experts think this trend will continue for the foreseeable future.Bloomberg reports the cost of servicing its debt declined rapidly in the past 12 months, which is another indication that the government has brought things under control. Borrowing costs also plummeted in 2012, the news provider revealed.Unsurprisingly, it was the hospitality and tourism sectors that contributed the most towards Dubai's improved performance last year, with restaurants and hotels having a particularly successful 12 months.More resorts reported increased occupancy levels and this has prompted developers to start erecting new hotels in the most popular parts of the city.This means the construction industry – which had been badly affected by the global economic collapse – has found its feet again and anybody who has visited Dubai recently will have seen the cranes moving once more.Businesses throughout the emirate are certainly confident that things are looking up and a study conducted by the Department of Economic Development last month showed that firms are expecting to boost their profits in the second quarter of 2013.Indeed, as many as 91 per cent of the companies that took part in the survey are predicting bumper revenues during the three-month period.On hearing the results, director of the department His Excellency Sami Al Qamzi said Dubai's construction, aviation, logistics and property sectors are all flourishing. Continue reading
College football could be coming to Dubai
Dubai could stage a major US college football 'bowl' in the future, sources have suggested.Some of the less established teams in the North American country are keen to take some of the limelight away from the larger 'Power Five' conferences and a new finale could be the answer.ESPN reports that nine locations have been earmarked for a possible college football extravaganza, four of which are outside the US. As well as Dubai, football chiefs are also considering taking the sport to Dublin, Toronto and Nassau in the Bahamas.Ken Hoffman, chairman and executive director of the Little Caesars Bowl, told the sports news broadcaster that he has been talking to some of the smaller conferences about possibly adding a new bowl in a foreign country.Meanwhile, another source was quoted as saying: “The smaller 'Group of Five' conferences are exploring adding bowl games because they are being locked out by the big boys.”They're looking to create bowl games so their teams will have bowls for their bowl-eligible teams.”American football is becoming increasingly popular all around the world and the annual Superbowl – which features the two best teams in the National Football League (NFL) – is one of the most watched televised sporting occasions on the planet.In fact, some high-profile games have been staged in different countries in recent years and have pulled in sell-out crowds, most notably at London's Wembley Stadium.Although college football is not on the same level as NFL, it is still extremely well supported and is starting to attract more interest from outside the US.Some critics believe there are already too many bowls held each year, but moving one of college football's showpiece events to the Middle East could be a masterstroke.Dubai has already demonstrated the fact it is more than capable of hosting top-class sporting events, with major golf and tennis competitions taking place in the city each year. Rumours have also been circulating that the emirate could stage a high-profile boxing match later this year. Continue reading
Emirates launches new flights to Japan
Japanese investors who hold assets in the UAE will find it much easier to travel between the two countries after Dubai-based airline Emirates added new flights to Tokyo International Airport (Haneda). Thierry Antinori, Emirates’ executive vice president of passenger sales worldwide, said the firm first started providing services to the Far East in 2002 when it established a route between Dubai and Osaka. He insisted that relations between the two nations have blossomed since then. In fact, figures provided by Japan External Trade Organisation confirmed that traders in the two countries completed deals worth $53.1 billion (£9.43 billion) in 2012, which was a 5.4 per cent upturn on the previous year. Mr Antinori described Haneda as Emirates’ “third gateway” into Japan and is confident that demand for passenger and cargo services is high enough to justify laying on another daily flight. “We value our partnership with Tokyo International Airport; it is one that helps to connect two global hubs of development and growth – Japan and the UAE. We know that Haneda will play an integral role in our route network and the launch of services demonstrates Emirates’ commitment to Japan,” he remarked. By adding this new service, Emirates SkyCargo – the firm’s freight transport division – will be able to carry an additional 23 tonnes of goods per flight, which equates to an extra 160 tonnes each week. Emirates now operates services to 134 destinations in 77 countries from Dubai and plans are in place to increase this in the near future. The business has already underlined its commitment to the European market and new flights to Stockholm in Sweden will be launched in September 2013. Australia is another important destination for Emirates and the firm revealed last month that Brisbane would be the third city in the country to accommodate its double-decker A380 aircraft. With so many new flights being added, it is no surprise that experts are predicting Dubai International Airport will become the world’s busiest aviation hub within the next few years. Continue reading
