Dubai's economy projected to grow 5 percent in 2014

(MENAFN) The head of Dubai's statistics office said that the emirate's economy is projected to grow by 5 percent in 2014, in a similar pace to the previous year, Gulf News reported. Growth rate in the emirate increased strongly in 2013, driven by the prospect of government real estate projects worth tens of billions of dollars, which followed property market crash in 2008-2010. "It is expected that growth... will reach around 5 per cent in 2014, we expect that the current year will witness growth close to these rates," Executive Director said, adding that the economy grew around 4.5 per cent in the first nine months of 2013.