Sample Thesis Paper
Dubai’s GDP was experiencing a growth rate of almost 17.9% from 2000 to 2006. However, the growth rate slowed down to almost 6% in 2009 (AME Info FZ LLC 2008).
The Dubai Financial Market underwent a considerable decline as a result of the recession. The decline was recorded to be almost 72% at the end of 2008 when considered in comparison to market performance in 2007. An indication of declining performance can be observed in the fact that the market recorded its peak in January of 2008 and its trough in December of 2008. The steepest decline in performance was observed in the utilities sector where the market declined by almost 84%. This was followed in its decline by the real estate sector which came down by a staggering 82.6%. In the same difference of 2008 and 2007, the telecommunications sector experienced a decline of 70.7%. The financial investment sector declined by 69.9% according to a report by the Dubai Financial Market (2008). Furthermore, the Dubai economy saw a complete decline overall in the sectors of banking, consumer staples, transportation, insurance and materials sectors.
It is imperative to highlight at this point that the Dubai Statistics Center defines the construction sector for Dubai as the activity that include engineering contracts in maintenance, renovation and construction of projects that may be residential or non-residential as well as others such as water networks, bridges and roads (Abdelgalil 2005). According to the Dubai Statistics Center for the Government of Dubai (2009), the Gross Domestic Product at Basic Constant Prices for the Emirate of Dubai was standing at 223,344 million AED in 2006 while it grew to 243,998 million AED in 2007. In 2008, the Gross Domestic Product at constant prices grew to 257,870 million AED in 2008. It is important to note that the Gross Domestic Product in the case of Dubai is showing a downward trend in terms of the percentage of growth over the years. Essentially, the Gross Domestic Product experienced a growth of 9% in 2007 which fell to 6% in 2008 (Government of Dubai 2009).