Jobs in Dubai - News

  • As the world slows down, UAE picks up the pace

  • June 19, 2006
  • Mina Jehan
    JID News

    The world economy is en route to a downward spiral due to rising oil prices, falling stock markets and trade imbalances. This will result in a slight 5.0 percent increase in the global economic growth, the International Monetary Fund is saying.

    According to the IMF, the economic dangers have clearly increased throughout the globe caused by increased inflation and interest rates in the Unites States. This has caused financiers to lose confidence in the US economy.

    Fortunately, the UAE economy is not taking part in the global blunder, and is instead anticipated to grow 10.5 percent this year, as indicated by the International Monetary Fund’s Middle East and Central Asia Department, who was in attendance of the opening of the IMF Regional Economic Outlook for the Middle East and Central Asia.

    The UAE has joined the IMF since 1972, but does not currently have any outstanding loans or financial arrangements with the international institution because of the region’s continuing thriving economy.  

    The UAE’s booming economy can be accredited to numerous sectors including the property, construction, aviation, aluminum production, tourism, re-export commerce, telecommunications, hospitability, financial and at the hub of it all, oil sector.

    These big industries have prospered and flourished throughout the UAE, and is continuing to expand at a rapid rate due to consumer consumption, investors and tourism.

    The government’s agenda to diversify the economy industries from oil revenues would also attend to the increasing amount of tourists in the region, by expanding the tourism sector within the UAE by constructing hotels, shopping centers, restaurants and reconstructing airports and duty-free zones

    The issue now for the head hunters of Dubai and surrounding states is to find skilled and educated individuals to recruit to various positions in their company hierarchy to keep up with the demand in the UAE.

    Overall, the future is undeniably looking bright for UAE economic development, according to the IMF, considering that the oil industry is projected to grow by 11 percent, as a result of the construction completion of major oil production facilities by the end of this year.

     

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