Dubai's economic growth slowed last year because of low oil prices and sluggish global trade, official data showed on Tuesday, but the government predicted a modest pick-up this year. GDP growth stood at 2.7% in 2016, Sheikh Ahmed bin Saeed al-Maktoum, Chairman of the emirate's Economic Development Committee, said in a statement. That is below growth of roughly 4% in 2015. But Sheikh Ahmed predicted growth would pick up to 3.1% in 2017. Dubai, with a diversified economy that focuses on tourism and international business services, has been outperforming most of the Gulf Arab oil exporting states in an era of low oil prices. The emirate has continued to invest heavily in real estate and transport projects before it hosts the World Expo in 2020. Last month it announced a state budget with total spending rising to AED47.3bn (USD12.9bn) this year from AED46.1bn planned for 2016, including a 27% increase in infrastructure spending. (Reuters)