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DUBAI, Jan 2 (Reuters): The economy of Dubai, the Gulf's trade and tourism hub, grew a record 16.7 per cent in 2004 on strong state spending, firm oil prices and a growing private sector, according to figures released Saturday.
"At current prices, Dubai's gross domestic product (GDP) recorded a phenomenal increase to 98.1 billion dirhams (US$26.7 billion) in 2004, up from 84.1 billion dirhams in 2003", Mohammed Ali Alabbar, head of Dubai Economic Department, said in a statement.
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