A senior Government official, Sami al-Qamzi, the head of the economic development department, has revealed that Dubai’s economy is expected to grow by +2-3% in 2010 having contracted by -2% in 2009 as the real estate and construction sectors slowed.

Al-Qamzi reportedly told state television that the economy shrank -1.47% in the first half of 2009. However, the slowdown will be partly offset by a +9.1% growth in the financial sector and a +5.9% expansion in the consumer goods industry.

Dubai s property boom was brought to a grinding halt after the global financial crisis hit the market of the emirates major developments that include man-made islands. Developers in the emirate delayed or cancelled developments worth tens of billions of dollars, a move that weighed on the construction and mortgage sectors.

Qamzi also stated that Dubai’s economy could even grow by as much as +5% in 2011.