Dubai's economy is "robust" and will grow by as much as 5 per cent this year, according to a body that represents businesses in the emirate.
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Abdul Rahman Saif Al Ghurair, the chairman of Dubai Chamber of Commerce and Industry, said Dubai's economic growth rate could accelerate to 6 per cent next year.
That is better than the IMF country forecast that sees GDP growth of 3.3 per cent this year in the UAE, rising to 3.8 per cent next year.
The Dubai chamber expects economic expansion to be fuelled by the trade, tourism and logistics sectors, which have posted the strongest growth this year and will continue to do so over the next few years, he said.
However, the construction and property industries, which were among the hardest-hit by the last global downturn, are "less strong".
"In Dubai, these were always support sectors, even during the height, to main sectors like trade and tourism," said Mr Al Ghurair.
Chamber of Commerce data shows that members' exports and re-exports grew 17.1 per cent to Dh162.1 billion (US$44.13bn) in the first eight months of this year, compared with Dh138.4bn during the same period last year.
Trade links with countries in emerging markets has helped the emirate to offset the impact of instability in global markets, he said.
gduncan@thenational.ae
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Business Insights
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'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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Company%20Profile
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
