Dubai's economy poised to grow 5% this year 

(MENAFN) Chairman of the UAE Economic Advisory Council, Mohammed Alabbar, said that the emirate's economy is set to grow 5 percent this year, despite the global economic slowdown, Khaleej Times reported.

Alabbar said at the World Economic Forum (WEF) that Dubai's economy used to grow by 15 percent, but this year will witness a lower growth rate with only five percent.

He was optimistic about the prospects of the second $10 billion bond issuance of the Dubai government, and expected it to be snapped up largely by investors. The issuance is in the final stages, he noted.

The $10 billion bond offer is the second tranche of a planned $20 billion bond program by the emirate's government, aimed at helping troubled state-owned and government-affiliated firms that were adversely affected by the global crunch. The first tranche of $10 billion was issued in February and was taken up entirely by the UAE's Central Bank.

It is worth mentioning that Dubai was the worst hit among the seven emirates, as the global crisis outspread last year. Things went downhill rapidly when the property bubble burst, with prices halved from their peak in 2008, and thousands of expatriates were laid off.