There is a resurgence in the economy of the United Arab Emirates, said a top official, adding that it is the safe haven of the region and a sound place for global investors, particularly from the Euro zone and Asia.

Khalaf Ahmad Al Habtoor, chairman of the Al Habtoor Group was speaking during held high-level talks with Alex Weber, chairman of the Swiss bank UBS.

“This is why we are seeing more and more companies moving their regional or global headquarters to the UAE,” Al Habtoor added in the talks that focused on UAE economy.

Weber said UBS, which is headquartered in Zurich and Basel, is very supportive of the UAE and committed to the region’s economies.

The UAE economy’s rapid growth trajectory has been driven by vibrant oil and non-oil sectors for more than four decades.

The UAE has not only emerged as the second largest Arab economy, but also the most competitive, diverse and investor-friendly nation in the region thanks to its prudent policies based on openness and diversification of sources of income.

The UAE’s economy is expected to grow by 4 per cent in 2012, according the UAE Minister of Economy Sultan bin Saeed Al Mansouri.

Data just released from the Dubai Statistics Centre (DSC) said Dubai’s economy is all set to record the biggest expansion in five years, due to significant growth in tourism and trade.

The emirate’s Gross Domestic Product (GDP) at constant prices grew 4.1 per cent during the January-June period compared to 3.4 per cent growth in the same period last year. – TradeArabia News Service