Dubai: Dubai’s economy is well diversified and is better prepared to meet growth challenges faced by both developed and emerging economies and the potential impact of a sustained fall in oil prices, Sami Al Qamzi, Director General of Department of Economic Development, Government of Dubai said at the inaugural Dubai Investment Forum.
“Dubai’s economy has grown at an average rate of over 4 per cent annually from 2012-2014, despite the slow growth of the global economy. A key reason for Dubai’s resilience has been the emphasis we place on economic diversification. Today, Dubai’s economy is much more diversified than 2008-2009, and the dramatic transformation of Dubai’s economy that started in the early 70s is now entering a new level,” said Al Qamzi.
Speakers at the event said, the UAE economy is well prepared to withstand global economic challenges as it has undergone a number structural changes in the recent years.
“The highlight of the structural transformation that Dubai underwent over the last few decades is the city’s evolution as a trade, investment, services and knowledge hub. Its state-of-the-art infrastructure and business-friendly regulations, along with a demonstrated ability to adapt to investor needs and changing global economic patterns, have set Dubai apart among regional and international hubs,” said Al Qamzi.
The superior logistics infrastructure of Dubai continues to cut transit times and inventory costs, enabling businesses to focus on growth and expansion into new markets. More importantly, infrastructure development and policy reforms in Dubai clearly address investor needs and encourage public sector participation. “Dubai is today at the threshold of a new era of public-private participation in major infrastructure projects, especially in the run-up to the Expo 2020. Dubai has the proven capacity to connect trade and people across six continents with the minimum lead time,” Al Qamzi said.
In the infrastructure sector the biggest investment opportunity for the private sector is coming up in Dubai South project which encompasses massive projects linked to Al Maktoum Airport, Logistics City, the Expo 2020 venue and new concepts in sustainable living covering a total area of 145 square kilometres.
“Dubai South has massive potential for private sector participation ranging from logistics, cargo management, multi-modal cargo handling and real estate development. Creation of a logistics corridor between Jebel Ali Free Zone and the Al Maktoum Airport will create a global logistics hub in the UAE,” said Khalifa Al Zaffin, Executive Chairman of Dubai Aviation Citi Corporation.
