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DAE to acquire 17 aircraft for $1 bn

This portfolio comprises 100 percent next-generation aircraft

DP World posts record $20bn revenue

The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.

Meraas awards $544m contract

It has been awarded for construction of Design Quarter at d3

Salik 2024 net profit before taxes $348m

The toll operator's revenue increased by 6% to $626 million.

ADNIC okays 45% dividend for 2024

The company achieved its highest ever revenue and net profit.

Dubai expected to record 3.1% economic growth in 2021

25 percent of visitors to Dubai return within a year.
  • Dubai’s economy had seen a growth of 1 percent during Q1 2021, compared to Q4 2020
  • This signaled that the emirate’s economy was on the path to recovery, said Dubai’s Department of Economic Development

The Department of Economic Development or DED of Dubai said on Tuesday that it expects the emirate to record a growth of 3.1 percent this year.

This came as DED was announcing its latest economic outlook for the emirate, which took into account the hosting of Expo 2020 Dubai.

According to the DED, Dubai’s economy would grow by 3.4 percent in 2022, “spurred by the hosting of Expo 2020”.

It explained that Dubai’s actual output in 2020 was “below its existing production capacity,” similar to elsewhere in the world.

Steps taken to ensure the halt of the spread of Covid-19, like lockdowns and confinement, dampened both supply and demand.

This led to a significant decline in economic activity, including in Dubai, despite the support provided by the government.

The DED said Dubai’s economy had seen a growth of 1 percent during Q1 2021, compared to Q4 2020. This, it said, signaled that the emirate’s economy was on the path to recovery.

This, despite Dubai’s economy having contracted by 3.7 percent in Q1 2021 as compared to Q1 2020, which was relatively free of Covid-19; it would be declared a pandemic only on March 11.