United Arab Emirates moves forward.

A sign that spending among higher income consumers in the United Arab Emirates (UAE) is robust comes from a story published on February 18, 2006 in the Gulf News (Dubai) on the subject of elevators. The story said that the elevator/escalator market in Dubai would increase 30 percent in 2006. Construction in Dubai City (as opposed to other communities in the emirate) is booming, with 90 percent of construction devoted to multi-storey buildings, including residential complexes and shopping malls. Sales of the residences are in demand though there is some sign the real estate market is cooling off. New shopping malls are, of course, a sign of enhanced consumer activity.

The Dubai economy grew approximately 16 percent in 2005, according to a January 2, 2006 report in The Daily Star (Beirut), which named the Dubai Department of Economic Development (DED) as its source. The 2005 growth increased the economy's value to us$37-billion. DED said that Dubai's economy would grow to us$40.8-billion in 2006.

GDP growth for the UAE as a whole was estimated at 5.6 percent for 2005 by the International Monetary Fund (IMF) but is likely to decline to a growth rate of 4.2 percent for 2006. The average growth rate for the UAE from 1997...

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