Despite worldwide economic gloom, the UAE's oil income has offered the emirates the opportunity to create a balanced growth in almost all economic sectors with the increase in non-oil economic sectors contributing significantly in that unprecedented growth, said a senior official at a seminar in London hosted by the Dubai Airport Free Zone. “The non-oil sector has been growing from 16 percent to the total GDP in 1990 to 61.1 percent of the total GDP in 2007, which is underpinned by the government's wisdom in the implementation of a successful diversification policy,” said Ibrahim Ahli, director of Marketing, Dubai Airport Free Zone. “Dubai Airport Free Zone is one of the world's growing Free Zones and this seminar has provided a great opportunity to evaluate further business prospects and take a closer look at new investment opportunities in the Free Zone. There are 140 British companies operating in the Free Zone at present.” According to the UAE Minister of Economy Sultan Al Mansouri, the UAE GDP in 2007 reached AED725 billion with a growth of 7.4 Ahli said from 2006, Ahli said. He added that Dubai Airport Free Zone facilities and services have been acclaimed and earned an international reputation in the industry. He said the UAE was placed 28th in the world and the best country in the Arab world, in “promoting prosperity and general satisfaction with life in a global survey of 104 states, according to a recent report by the Legatum Institute which is an independent research, policy and advisory organization.” “Within the UAE, Dubai has diversified from its economic dependence on oil exports towards a more diversified economy based on attracting international capital and talent,” the report said. Assuring seminar attendees of the economic stability in the UAE and the opportunities available to investors in the country, Ahli said “I would like to assure you that the fundamentals of the UAE economy are still resilient. In this context I would like to quote the statement earlier last month of Shaikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai that “UAE's economy is far from being affected by the credit gloom.” “Our economy and markets are doing well, our economic history shows the sound vision of the country's leadership and the best example for that is the huge demand witnessed in all sectors.” At the Dubai Airport Free Zone tenants are provided the best facilities to enable them to pursue their strategic objectives. The Dubai Cargo Village which is a state-of-the-art facility adjoining the Dubai International Airport, has offices of the Dubai Civil Aviation, Dnata, Customs, Airlines, Immigration and Chamber of Commerce. It is easily accessible to companies in the Dubai Airport Free Zone and has a capacity to handle over 500,000 tons of freight annually, The online electronic services of the Dubai Airport Free Zone simplifies the procedures and allows customers of the zone to interact for a variety of services from anywhere in the world. Facilities such as conference room, lecture hall, and business lounge, 24-hour security services, restaurants, postal services, travel agencies, banks and Duty Free Shop make the Dubai Airport Free Zone a self-contained location for maximum business efficiency. Early in the week, Abu Dhabi launched a new home loan provider in the latest effort by the United Arab Emirates to protect its property boom from the global credit crisis. The company, Abu Dhabi Finance, is backed by a mix of state-controlled and publicly listed companies. Its debut comes just days after the federal government began merging the country's two largest mortgage providers amid a sudden drop in lending and property prices. Chairman Ali Eid al-Mehairi said the new company has been in the works for a year has nothing to do with Sunday's government-backed merger of Dubai-based Amlak Finance PJSC and Tamweel PJSC. “It's a pure coincidence that all of these things happened in the last week,” he said in an interview. “There's a huge opportunity for another mortgage player in the market ... we are confident we can still launch at this time and achieve all our targets in our business plan.” The company has an initial capital base of 500 million dirhams ($136.2 million). The lender said its shareholders account for more than two-thirds of new homes being built in Abu Dhabi. __
