Dubai’s economic growth between illusions of expectations, facts

22 January, 2019 12:00 AM printer

ABU DHABI: The global monitoring and evaluation institutions vary in their forecasts for Dubai's economic growth rates for 2019 to 2023, but all agree that the Emirate of Dubai has a proactive capacity to absorb and neutralise the negative repercussions of the global economic and trade volatility.

The continued economic activity, which is regularly supported by the Government of Dubai through spending on all development scenes, enhances the confidence of the global financial institutions in the emirate, report agencies.

It was no coincidence that His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced yesterday (Sunday) the allocation of Dh6.5 billion for new projects, including the first Environmental Satellite, (DMSAT1), Waste Management Centre, and Dubai Traditional Market projects as they are well-planned projects that will increase confidence in the economy of Dubai in particular, and the UAE in general. In its latest report about its forecasts for 2019, the International Monetary Fund, IMF, expects the average global growth rate at 3.6 per cent during the period from 2019 to 2023, but it has forecast Dubai's economy growth to reach 4 per cent this year, of which 3.3 per cent is for the non-oil sector.

The IMF is optimistic about the continued growth of the Dubai economy in particular and for the UAE in general, due to the continued spending on infrastructure development and construction in preparation for the Expo 2020 Dubai as well as intensive investment in technology, digital and technical programmes.

You can also add one more advantage, which is lowering the cost of doing business through reforms and incentives aimed at speeding development, which is recorded by the IMF in order to enhance the attractiveness of Dubai as a preferred destination for global investments.

Dubai has increased the number of its overseas promotional missions to five missions in 2019 that will visit 10 world cities in the United States, China, Japan and South Korea to explore new investment opportunities and strengthen old trade and investment ties.