Classifieds powered by Gulf News

Dubai plans to achieve 4.5% growth by 2015

Government committed to diversifying its economy and diminish reliance upon oil

Gulf News

Dubai: Despite the economic and political situation worldwide, the Dubai government plans to achieve a 4.5- 5 per cent growth by 2015, Sami Al Qamzi, Director General of the Development of Economic Department in Dubai, talked to Gulf News on the sidelines of the Summit on the Global Agenda.

He said: “Conserving an average of 4.5 per cent in Dubai Gross Domestic Production is an achievable target by 2015 amid all the existing challenges.”

Moreover, Al Qamzi said that the discussions at the summit is an advantage for Dubai because of the exchange of ideas, best practices and experiences.

“The success stories of Dubai could attract a lot of investment and businesses into the emirate.”

Dubai has committed to a progressive vision of itself, keen to diversify its economy and diminish its reliance on shrinking oil revenues, it has developed in the region a premier international business centre. Several factors have contributed to this ongoing success story.

Al Qamzi said: “Dubai has changed dramatically over the last three decades, becoming a major business centre with a more dynamic and diversified economy. Dubai enjoys a strategic location and serves as the biggest re-exporting centre in the Middle East.”

Improving policies

“The emirate could attract new businesses and investments by trying to create new business clusters, easing procedures, updating legislation and improving policies.”

He added that the green economy is one of the initiatives which has been created to enhance economic sustainability, create job, and attract more investment into the emirate.

However, Al Qamzi said that the openness of Dubai has put a lot of challenges in the face of achieving a steady economic growth.

“Being a gateway for the region as well as world market, Dubai is facing a lot of challenges in enhancing its infrastructure, human capital, education, health and lifestyle.”

However, he added: “There is no doubt that the flexibility of Dubai economy, policies and decision makers can left all these challenges and bars in the face of further growth.”

Adding to that, Dubai’s political and economic stability, open and free economic system, world class infrastructure and service sector and high quality of life, all enhance economic sustainability.

New business cluster

Dubai is developing a proper study to enhance the industrial sector and increase its contribution to the GDP, Al Qamzi said.

Dubai already achieved major gains in the profitable manufacture and export of aluminium ingots, fabricated metal products, textiles and ready-made garments, gold and jewellery, prepared foodstuffs, consumer electronics, refined petroleum, chemical and non-metallic mineral products. Supportive commercial, industrial, political and economic factors are currently in place to make possible the extension of these gains to other manufacturing sub-sectors.