The United Arab Emirates economy is booming, even with the tensions that exist between Iran and Iraq. According to UAE officials there are about USD500 billion worth of new construction projects being projected and underway in the Gulf region, which means more jobs in every sector with jobs ranging in fields such as construction, architecture, engineering in turn the financial field the most.


The financial industry is booming because of the increased credit needs of the Gulf area. The airline industry is seeing a ripple affect as well. Airlines such as Emirates, Gulf air will be increasing their fleet to accommodate the booming economy of the UAE. The government is predicting the tourism to double in the next 25 years. The Government has committed to invest over 45 billion AED to grow the Dubai International and the Dubai World Central International airports to keep up with the growing needs of UAE.


The number of investors is increasing by the minute in Dubai which is a key market for companies like the Gulf Finance House that started trading on May 14th 2006 on the Dubai Financial Market. The GFH alone reported profits of over 140 million for last year and is looking to grow in the telecommunications segment.


Another breaking news is the Union Bank of India planning on opening its first office in Dubai. Union Bank of India is the fifth largest public sector bank in the country. The Dubai Internet City is the biggest success for the UAE economy. They have over 200 companies in their waiting list right now. Every time the DIC expands the space is already rented or sold out 2 months before its actually completed.


Benish Shah
JID News – Toronto


 

Source:United Arab Emirates Booming

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