The Dubai Economic Report 2017 was approved on Wednesday by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince.
The report by Dubai’s Department of Economic Development (DED) highlights the most prominent developments of Dubai’s economy in 2016 from a comprehensive and sector specific perspective, and also provides a glimpse into growth achieved in 2017.
The report forecasts a 3.2 per cent growth for Dubai’s economy in 2017 and 3.5 per cent by 2018, in light of the periodic recovery in the growth rate of the global economy, which is growing in momentum since mid-2016.
“The journey of comprehensive and sustainable economic development in Dubai revolves around innovation and high productivity. The vitality enjoyed by Dubai’s economy is based on the strength of its foundations,” said Shaikh Hamdan.
“The government establishing effective economic policies to stimulate various economic activities, especially in sectors such as tourism, aviation and maritime transport, and real estate activities, has helped bolster the openness of Dubai’s economy and the establishment of a network of regional and international partners,” he added.
“Our goal is to create an ideal business environment, the best in the world. Dubai has set strong and flexible economic pillars that are capable of meeting the needs of the local and global business community.”
The Dubai Economic Report 2017 compares the economic performance of the emirate to countries that possess similar economies for evaluating the development of Dubai’s economy, and future prospects of this development. It will help raise awareness of decision-makers in the public and private sector to set policies that sound plans that will help contribute to the growth rate of Dubai’s economy in particular, and the UAE economy in general.
The report also provides details on developments and changes in key sectors of the emirate’s economy, such as wholesale and retail, the industrial sector, comprised of the processing industries, extractive industries, and water and electricity. Other sectors highlighted include the banking, financial and insurance sectors, as well as construction, real estate activities, tourism, transportation and telecommunications.
The report also includes social indicators, such as those related to population, education and health.