Oil revenues make up less than 1%of Dubai’s GDP now

Dubai’s economy is expected to continue expanding over the next two years, according to the senior official

  
Image used for illustrative purpose. Artistic rendering of HNI Clients Real Estate's residential project in Jumeirah Village Circle, Dubai

Image used for illustrative purpose. Artistic rendering of HNI Clients Real Estate's residential project in Jumeirah Village Circle, Dubai

BRCOMMS handout via Thomson Reuters Projects

Sunday, Jul 23, 2017

DUBAI

Oil now contributes less than one per cent to Dubai’s GDP, according to the Chairman of Dubai’s Economic Development Committee, in a statement released on Sunday.

“The oil sector now makes up for less than one per cent of Dubai’s GDP, while varied initiatives have opened up unprecedented opportunities for global businesses in several non-oil sectors,” said Shaikh Ahmad Bin Saeed Al Maktoum, Second Deputy Chairman of The Executive Council and Chairman of Economic Development Committee.

Dubai’s economy is expected to continue expanding over the next two years, according to the senior official, who said that the emirate had outperformed global economic growth and defied downward trends that prevailed worldwide in 2016.

The remarks came as Dubai Economy, the government agency, released the results of the annual Dubai Plan 2021 report, titled Dubai Pulse, which suggested that the economic performance of the emirate is better than other economies in the region.

Shaikh Ahmad added that Dubai’s stable macroeconomic environment, its diversification and sustainability policies, growth strategies and infrastructure initiatives continue to fuel “outstanding” economic performance even when the global economy faces headwinds.

“Diversification, resilience and sustainability are enshrined in every project, policy and strategy that Dubai adopts, including, for example, the Dubai Plan 2021, Dubai Industrial Strategy 2030, and Expo 2020. The oil sector now makes up for less than one per cent of Dubai’s GDP, while varied initiatives have opened up unprecedented opportunities for global businesses in several non-oil sectors,” he said.

Sector-wise, trade accounted for 28 per cent of Dubai’s GDP in 2016, followed by transportation and storage at 12 per cent and financial services at 11 per cent. The local tourism sector grew by 11 per cent in 2016, and is expected to record further growth in the coming years, growing at 5 and 5.1 per cent in 2017 and 2018, respectively, Shaikh Ahmad said.

Staff Report

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