Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presiding over the Executive Council meeting at the newly inaugurated Mohammed bin Rashid Library in Dubai on Thursday.
Dubai’s gross domestic product sustained an upward growth momentum as the economy rose 5.9 per cent in first quarter of 2022 as investors reposed trust in the emirate’s consistent economic policies and flexible legislative environment.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, disclosed this while presiding over the Executive Council meeting at the newly inaugurated Mohammed bin Rashid Library in Dubai on Thursday.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, was also present on the occasion.
Sheikh Hamdan said Dubai’s economy hit Dh102 billion during the January-March quarter after hitting 6.2 per cent GDP growth in 2021, which confirms the solid performance and indicates that the economy has a capacity to grow.
Transport and warehousing activities led the GDP growth in first quarter while hospitality sector, including hotels and restaurants, also contributed a significant share due to higher international visitors during the period, according to the Dubai Statistics Centre.
“The transport and warehousing activity recorded 40.4 per cent year-on-year growth during the first quarter,” it said.
The Crown Prince affirmed that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is based on the rules that creates opportunities, leading to a better future with unlimited ambitions driven by the emirate’s integrated economic structure, which is one of the most important elements to enhance its competitiveness at the global level. He also praised the persistence in achieving growth despite the various challenges globally.
“Dubai has a strong and diversified economic agenda that is supported by a flexible regulatory and legislative environment that attracts investments and preserves the rights of investors,” Sheikh Hamdan said.
He also highlighted that the economic initiatives and incentives provided by the government contributed to stimulating economic growth in Dubai directly.
Referring to the great success achieved by Expo 2020 Dubai, he said mega event contributed to achieving record performance levels for air transport activities while maritime and foreign trade exceeded the levels achieved before the global crisis.
During the meeting, the Executive Council approved a package of initiatives and projects in various strategic sectors on the agenda. The council adopted the general policy for the legislation industry in the Emirate of Dubai, within a framework that is compatible with the emirate’s strategic plans and future directions. It suggested an active participation of the private sector to enhance Dubai’s global competitiveness.
During the meeting, the Executive Council also directed the General Department of Civil Defense to develop the details about the Hassantuk project for home safety. The details should includes prevention and safety measures to link private residential homes with early warning technologies and smart services with the aim of reducing fires and preserving property and lives. The Dubai government will bear the cost of providing the homes of citizens who are covered under the umbrella of social benefits.
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