(MENAFN- Gulf Times) Construction workers build a waterfront apartment block on Palm Jumeirah artificial island in Dubai. Growth in Dubai's gross domestic product is expected at 4.5% in 2015, from about 4% this year, the emirate's Department of Economic Development has said in its 2015 outlook, Bloomberg reported.
The real estate sector is expected to grow 6%, construction more than 5% and manufacturing by 5%, the outlook said.
The drop in global oil prices, if persisting, "may have mixed effects on Dubai's economy," it said. "Ongoing capital spending is expected to be steady in 2015, but changes may take place in 2016." A crash in property prices in 2008 had brought Dubai to the brink of default a year later.
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