Dubai economy projected to grow more in the next two years

Published on : Monday, July 24, 2017

Dubai TourismDubai’s economy is expected to expand more in the next two years. Dubai’s economy grew by 2.85 per cent in real terms in 2016 compared to average GDP growth of 2.4 per cent globally.

 
Sheikh Ahmed bin Saeed Al Maktoum, second deputy chairman of the Executive Council and chairman of Economic Development Committee, said that this growth is due to “Dubai’s stable macroeconomic environment, its diversification and sustainability policies, growth strategies and infrastructure initiatives.” He added, “Diversification, resilience and sustainability are enshrined in every project, policy and strategy that Dubai adopts, including, for example, the Dubai Plan 2021, Dubai Industrial Strategy 2030, and Expo 2020. The oil sector now makes up for less than 1 per cent of Dubai’s GDP, while varied initiatives have opened up unprecedented opportunities for global businesses in several non-oil sectors.”

 
Trade accounted for 28 per cent of Dubai’s GDP in 2016, followed by transportation and storage at 12 per cent and financial services at 11 per cent. The local tourism sector grew by 11 per cent in 2016, and in 2017 and 2018, it is expected to grow at 5 per cent and 5.1 per cent, respectively. The GCC, India, UK and Germany accounted for 40 per cent of Dubai’s total visitors. Average spending per visitor increased to Dhs8,658 in 2016 from Dhs8,252 in 2015. The transportation sector is also expected to assist construction growth due to large investment projects like the Etihad Rail project, the Dubai Metro extension project and the expansion of the container port in Jebel Ali.

 
Sheikh Ahmed said, “Dubai has emerged as a major player in the world economy and enjoys a stronger position as a global hub and one of the top five international centres for trade, transport, finance and tourism.”

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