GDP
The emirate of Dubai posted a nearly 17 percent growth in gross domestic product, registering the highest economic growth in the world, in the year 2004. The growth was attributed to the government's support for the private sector, increase in local spending, constant growth of non-oil sectors and sustained high oil prices.Mohammad Ali Al Abbar, director-general of the Dubai Department of Economic Development, announced that Dubai's GDP rose 16.7 percent to almost 100 billion dirhams in 2004 and said that the strong growth would continue through 2005, with GDP expected to rise 10 percent to 110 billion dirhams.Describing 2004 as "a golden year" for Dubai, Alabbar said that Dubai's GDP recorded a phenomenal increase to 98.1 billion dirhams at current prices, in 2004, up from 84.1 billion dirhams in 2003.
"When compared with 62.3 billion dirhams in 2000 and 41.2 billion dirhams for 1995, the accumulated annual growth of Dubai's economy in the last decade at 10 percent, the highest growth rate in the world," he said.He ascribed the phenomenal growth in 2004 to several factors, including the initiatives launched by Crown Prince of Dubai and UAE Defense Minister General Sheikh Mohammed ibn Rashid Al-Maktoum, "The government's unlimited support for the private sector coupled with a dramatic increase in local spending, the constant growth of non-oil sectors and the sustained high oil prices have all been contributory factors," said Alabbar.
