Investments Reach $30 Billion in Dubai

DUBAI, 2 October 2005 — Investments in the Gulf’s trade and tourism hub of Dubai have reached $30 billion and are expected to grow 67 percent in the next five years, Dubai Chamber of Commerce & Industry (DCCI) said on Thursday. “This reflects the growth potential levels in real estate in the emirate. Investments in real estate in Dubai are expected to reach around $50 billion by 2010,” a DCCI statement quoted Chairman Obaid Humaid Al-Tayer as saying. Dubai has said it aims to attract 15 million tourists by 2010, up from 5.4 million in 2004, with grand projects including Dubailand, a luxury sub-sea hotel, and Burj Dubai, billed as the world’s tallest tower.