Dubai's economy will deliver a strong performance this year due to the government's timely actions and corrective measures such as visa reforms, permanent residency, stimulus packages and fee waivers to offset the impact of a slowdown in international financial markets, experts say.

Latest data released by Dubai's Department of Economic Development signalled growing investor confidence in the emirate as the department issued 35 per cent more business licences in the first four months of 2019.

It issued 9,489 new licences during January-April 2019 as Dubai continued to accelerate in line with the emirate's strategic plan to evolve into a sustainable economy driven by productivity and innovation.

The DED report on Saturday said that manufacturing and tourism sectors are expected to drive the emirate's growth at 2.1 per cent this year and 3.8 per cent in 2020. It attributed an increase in GDP growth to a host of initiatives being implemented as part of the stimulus package of the government of Dubai since the second quarter of 2018.

The report further said that Expo 2020 will add significant value to the economy with direct benefits to tourism, telecommunications, business, financial services, transportation, real estate and retail sectors. It said that government initiatives have contributed to reducing the cost of doing business in sectors such as aviation, real estate and education, which in turn continues to spur investments and growth.