Dubai Economic Platform will offer an instant reader on key data cutting across sectors, including consumer price index. Image Credit: Gulf News Archive

Dubai: The ‘Dubai Economic Platform’ has been launched, offering an integrated source of global and local economic data and relying on cloud analytics. The new platform will contribute to supporting the growth of key business sectors and sustainable economic development in Dubai.

There will be data on real estate transactions in Dubai (sale and lease), development mechanisms, price projections, and analysis according to the types of properties, sale prices, and rent values.

In addition, a consumer price index - including costs of utilities and transport, construction projects, building units, and business sustainability - will also be available.

“The Platform delivers data to all parties concerned - anytime and anywhere,” said Sami Al Qamzi, Director-General of Dubai Economy. “We are witnessing a technology revolution and digital proliferation transforming all aspects of life, resulting in a massive flow of data that would require analysis and evaluation.

“Data thus analysed will help us achieve progress in all of our economic and social sectors and proactively enhance our competitiveness.”

Dubai’s GDP, based on readings from previous years, will also be available on the platform, which also compares the value-add of various sectors at current prices. Inflation rates, competitiveness indicators, and visible indicators and illustrations by geographical location, including country rankings and performance results, are also available along with a prediction feature.

Tapping AI

The platform also integrates AI and future technologies to promote Dubai’s position as a preferred destination for investment and business, “especially since reliable and up-to-date data enables companies and policymakers to develop and formulate vision-based plans,” a statement said. “It will provide an essential component to support Dubai’s strategic plans towards improving business competitiveness and sustainable economic development.”

Sourcing from everywhere

The new platform can be utilised to collect and analyse data from various global sources, including entities such as the World Bank, as well as domestic data published by government entities on Dubai Pulse. With rapid access to recent and relevant data on its operations, the "Government of Dubai will have increased capabilities to analyse the economic situation and study the anticipated repercussions," the statement added.

"The data gathered will help the government assess the impact of various initiatives – giving greater insight into the likely rate of success and the ability to foresee outcomes more clearly."