DUBAI 21 December 2017: The Dubai Economic Report 2017 was approved By Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. The report, issued by Dubai Economic Department, highlights Dubai’s economic development in 2016 and reviews the growth of the emirate’s economy in 2017, based on the latest official data and economic indicators.
“The journey of comprehensive and sustainable development in Dubai is based on innovation and high productivity, which have created a strong foundation for growth. Effective government policies to stimulate various economic sectors, mainly tourism, transportation and real estate, have helped strengthen the emirate’s economy and develop productive global linkages. This has paved the way for greater foreign investment and stimulated growth in tourism and foreign trade,” Sheikh Hamdan said.
“Our objective is to create a conducive environment for our economic sectors to develop into the best in the world. Dubai has established a strong economic foundation and proved its ability to meet the requirements of both the local and international business community. Our initiatives in the area of legislation have helped create a supportive environment that has encouraged major global companies to choose Dubai as their regional headquarters, which in turn has led to Dubai emerging as the economic hub of the region.”
The Dubai leadership’s conviction that comprehensive economic planning is key to achieving development objectives is reflected in the Dubai Plan for 2007-2015, the current plan for 2015-2021 and the Industrial Strategy 2030. The report compares the economic performance of Dubai with other regions in the world.
One of the 10 chapters of the report is dedicated to the Dubai Industrial Strategy. The report forecasts Dubai’s economy to grow 3.2% in 2017 and 3.5% in 2018 at a time when global economic growth has gained a new growth momentum starting from mid-2016. The positive impact of Dubai Government’s strategies and projects such as Dubai Plan 2021, Expo 2020, as well as major infrastructure initiatives are expected to contribute to this growth. The report also reviews key economic indicators of Dubai, and reviews major developments in various sectors such as finance, insurance, construction, real estate, tourism and telecommunications among others.
DEC approves 2018 annual agenda
Earlier, Sheikh Hamdan approved the agenda of the Dubai Executive Council for 2018 while highlighting the key topics for the upcoming period, most notably the services offered to UAE citizens and Dubai residents.
The 2018 agenda will focus on developing and improving academic performance and results and the educational system, as well as facilitating business activities, improving the quality of health services, and guaranteeing access to these services, to provide effective social services that will achieve happiness, by improving government policies and programmes.
Sheikh Hamdan approved the agenda while chairing the Council’s meeting this morning, which was held at its headquarters at the Emirates Towers, with the attendance of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Dubai Executive Council, as well as the council’s members.
Sheikh Hamdan said that the Dubai Government will provide the necessary means of achieving happiness for all its residents. “Today, we have approved the Council’s annual agenda for 2018, and during that year, we will launch a series of initiatives and projects that will support the UAE’s overall competitiveness, most notably to empower UAE’s citizen to lead in high-value economic and strategic sectors, which will advance the country’s economic development,” he added.
“We must achieve happiness for the community through government work. This is what the Executive Council’s annual agenda will focus on, to ease people’s lives and provide the best services, which will provide with them a dignified living and preserve Dubai’s standing as a modern international city that promotes modernity while maintaining its cultural and social traditions,” Sheikh Hamdan commented with regards to Dubai’s overall success, which is a source of inspiration to other cities that strive for advancement.
“Our government’s agenda will encourage and support investors to facilitate business, and attain excellence in the areas of health and social care services, education, infrastructure development and security while focussing on achieving the complete happiness of UAE citizens and residents. Our current leading overall stature and our competitiveness with the most advanced cities of the world are the fruit and result of working with team spirit, which was made possible by an efficient overall infrastructure and an economy that can compete with leading international economies,” he further added.
The Council approved a series of initiatives and policies on the security and justice sectors, which were recommended to be launched in 2018 by local government authorities.