The economy in Dubai has continued to grow at a fast pace in 2017, according to Sami Al Qamzi, Director General of Dubai Economy, who says the growth is guided by a leadership that has its eye on the future and a government committed to the emirate’s sustainable development and global leadership. The growth is expected to continue unabated in the next two years supported by rising domestic demand and a cyclical recovery in the global economy and in spite of economies elsewhere in the region slowing down to adjust to oil price fluctuations, Mr Al Qamzi explained.
According to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, real GDP growth in the emirate is set to reach 3.2 percent this year, 3.5 percent in 2018 and 3.7 percent in 2019 as outward-oriented strategies and policies as well as sharper focus on diversification, sustainability and infrastructure development will further enhance economic performance.
Meanwhile, global trade is also anticipating a recovery to 3.6 percent growth in 2017 as against 1.3 percent during the previous year. The policy of openness adopted by the UAE across trade and economic activity in general is bringing goods manufacturers and service providers to Dubai, enhancing and diversifying exports from the emirate and further integrating the emirate into global value chains.
The authorities also said that Dubai’s prominence as regional and global hub also grew in 2017 as total trade (direct and free zones) reached AED 985 billion during the first nine months, a 3.5 percent growth over the same period of 2016.
“Improving quality of goods and services available in Dubai along with a competitive tourism and sea and air transport sector saw the emirate outpacing global growth and attracting 12 million tourists during the first nine months of 2017, an increase of 7.5 percent year-on-year,” the statement quoted.
Globally, average tourist arrivals stood at 4 percent in the same period and the wider Middle East saw a slump of -4 percent, as per the World Tourism Organization. Continuing investments in Dubai’s travel, tourism, leisure and hospitality sectors will raise its profile as a destination and attract more tourists, in line with the Dubai 2021 Plan to welcome 20 million visitors by 2020.
Three target sectors in the Dubai Industrial Strategy 2030 are expected to perform exceptionally well in 2017 compared to last year. They are manufactured food exports (16% growth), aluminum and metal exports (13%) and machinery and equipment exports (11%). In line with the Dubai 2021 Plan and the Dubai Industrial Strategy as well as the city’s ‘Eye on the Future’ theme, group financing platforms have been set up to introduce investors to emerging entrepreneurs in the city, such as the Eureka Group Finance Platform.
