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Dubai Sees Real-Estate Leading Growth 7 Years After Crash

Dubai expects real estate and construction will probably drive economic growth in 2015, seven years after a crash in property prices brought the Gulf emirate to the brink of default.

The emirate’s economy is expected to grow 4.5 percent next year from an estimated 4 percent in 2014, the Department of Economic Development said in a presentation yesterday. Real estate and construction may expand about 6 percent each. Preliminary forecasts for 2014 show the property sector will grow 3.5 percent.