Dubai focussing on evolving tech industry: OBG

By Eudore R. Chand

DUBAI 10 December 2019: As Dubai moves into the new decade, the emirate is focused on developing several high-growth areas, including the quickly evolving technology industry, according to a new report by global research and advisory firm Oxford Business Group (OBG).

The Report: Dubai 2020 delves into the various projects that seek to propel the emirate into the digital age and the 4th industrial revolution. Meanwhile programmes such as the Dubai 2021 Plan, the Dubai Clean Energy Strategy 2030, the Autonomous Transportation Strategy, and many others, will be seeking to use the momentum garnered by Expo 2020 to fuel future growth and innovation in these areas.

With an expected GDP growth rate of 1.6% for 2019, the IMF forecasts the UAE’s economy to grow by 2.5% in 2020 on the back of Expo 2020 and the government’s Dh50bn fiscal stimulus. As the host of the event, Dubai has already started to feel the benefits across several sectors, including the transport & storage sector (which grew by 6.2% in the first half of 2019 according to Dubai Statistics Centre), and the construction sector as infrastructure projects associated with Expo 2020 have come online.

With a record-breaking $10.5bn in FDI in 2018, Dubai continues to cement its position as a hub for various industries, including financial services, retail, and transport & logistics.

 

Dubai Gazette