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Setting the pace
The Dubai Strategic Plan pays attention to developing all economic sectors in order to guarantee balanced development.
- Staff Report
- Published: 23:38 May 3, 2009
The Dubai Strategic Plan pays attention to developing all economic sectors in order to guarantee balanced development.
However, a number of sectors have been targeted because of their high potential for growth as well as their consistency with global growth trends. Among these sectors are travel and tourism, transportation, trade and logistics, financial services, regional professional services and headquarters hubs.
Within each of these sectors, the plan specifies a number of initiatives to be implemented during the next 10 years.
To support the development of these key sectors and other economic sectors, the government will focus on supporting key enablers such as: human capital, productivity, science, technology and innovation, cost of living and doing business, quality of life, laws and legislation as well as policy and institutional frameworks.
Key sectors
Dubai's future strategic growth will be based mostly on a combination of key sectors as mentioned above which are broadly characterised as being non-oil and service sectors.
The growth strategy will propel strong existing sectors to new frontiers. As much as 60 per cent of the growth is expected to be generated by travel and tourism, transport and logistic services, trade and storage and financial services.
Achieving such growth will require a concerted effort from the government to ensure growth enablers are provided.
Economic policy and legislation are key elements that will require streamlining along with the need for better coordination between government agencies.
Boosting tourism
Dubai currently holds a prominent global position as a luxury travel destination, attractingsix million tourists in 2005.
Given the increasing attractiveness of Dubai as the preferred high-end travel destination, the emirate aims to evolve to become a global travel industry hub.
Tourism plans aim to establish Dubai as a regional and global centre for the cruise industry, air transportation, tour companies, exhibitions and conferences, entertainment and theme parks, upmarket hotel chains and vacation homes with the aim of attracting 15 million tourists by 2015.
The tourism sector is expected to contribute 22 per cent of Dubai's GDP in 2015, and employ 18 per cent of the workforce.
High-value workforce
The plan clearly sets quality of life and competitiveness as its main themes and those are elements that support the attraction and retention of skilled employees.
Improving education and health standards, providing a clean and healthy environment, promoting culture and social cohesion and managing the cost of living are objectives at the core of the Dubai Government's plans to improve the quality of life and position Dubai among the best cities for living and working.
Quality of life
The Dubai Government adopted a set of clear guiding principles or values for the various sectors that comprise the Dubai Strategic Plan (DSP) and they revolve around the wellbeing of citizens and residents.
In particular, the government aims to achieve the following as part of its focus on the quality of life and wellbeing:
• Preserve national identity and improve community cohesion
• Improve education and healthcare
• Ensure quality social services are provided to meet the needs of the population
• Ensure equality and acceptable working conditions for Dubai's workforce
• Enrich Dubai's cultural environment
Expatriate contribution
In the next 10 years, Dubai's population is projected to more than double and to have a broader composition of expatriates.
Expatriates will play a critical role in Dubai's development, especially in the future economy that will heavily rely on talent and skills that the expatriate population has always provided.
Science and technology hub
The Government of Dubai will support applied research aimed at supporting the achievement of the plan objectives, especially in sectors identified as having the highest growth potential.
The Government will establish and fund applied research aimed at developing approaches and initiatives that promote sector growth and enhance productivity in collaboration with international and local research centres as well as the business community.
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