BUSINESS | Dubai Expects 3.2 Growth in 2020

DUBAI | UAE – – Dubai’s Department of Economic Development  (D.E.D.) expects the real GDP growth to reach 2.1. percent this year, 3.2 percent in 2020, and 3 percent in 2021.

Crown Prince of Dubai and Chairman of Executive Council of Dubai Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum stressed that the comprehensive development vision of Prime Minister and Ruler of Dubai  Sheikh Mohammed Bin Rashid Al Maktoum had made Dubai an attractive environment for investment and enabled the city to make major economic and development strides.

This has strengthen Dubai’s global indicators, including in education, health, women’s empowerment, and competitiveness.

Sheikh Hamdan praised the openness in Dubai and the support extended to innovative project and entrepreneurship, which has made the city an ideal investment destination at a regional level and a gateway to promising regional markets.

He also noted the key role played by government initiatives and investment, as well as the Expo 2020 projects, in promoting growth and supporting greater productivity and investor confidence in the Dubai economy.

Speaking on the occasion, director general of DED Sami alQamzi explained that Dubai took a number of measures and introduced several strategic initiatives that contributed to bolstering domestic demand, reducing the cost of doing business, boosting SME liquidity, and supporting the tourism and real estate sectors.

Inflows of foreign direct investment (FDI) into Dubai also increased 41 percent to reach Dh38.5 billion in 2018.

Growth accelerated to 2.2 percent during H2 2018, up from 1.7 percent in H1 2018, resulting in overall real GDP growth in 2018 of 1.9 percent.

In January 2019, Prime Minister Mohammed announced his 50-year Charter which anticipated the challenges ahead and articulated a set of balanced, integrated, and flexible policy initiatives that will accelerate development and ensure sustainability and prosperity in the Emirate.

The charter reaffirmed Dubai’s fundamental policy principles as a free and open market economy, and a preferred destination for foreign and domestic investments.

Dubai continues to develop new growth strategies to be fully prepared for future changes in the global and regional economic landscapes, including in areas related to artificial intelligence, the Internet of Things, and the Fourth Industrial Revolution.

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