By Staff writer
Chairman of Dubai's Economic Development Committee says 'sustainability and flexibility' are key to ongoing progress
Economic growth in Dubai is forecast to increase this year compared to 2016, according Sheikh Ahmed Bin Saeed Al Maktoum, president of Dubai Civil Aviation, chief executive of the Emirates Group and chairman of the Economic Development Committee in Dubai.
He said the economy of Dubai grew by 2.7 percent in real terms in 2016 despite declining oil prices, adding that the emirate is expected to grow by 3.1 percent in 2017.
In a speech to the UAE Economic Outlook 2017 event, he also revealed that Dubai will announce its future economic outlook twice every year from now onwards – in January and October.
Sheikh Ahmed said that sustainability and flexibility are the most notable characteristics of Dubai’s ongoing economic and social transformation.
"More than three decades ago, our leadership put diversification on the top of the development pyramid in Dubai and the growth vision and strategies adopted since then have all focused on accelerated and sustainable growth," he said.
"It has led to faster integration of the emirate’s economy into the global economy and quantitative as well as qualitative growth away from oil. Real economic growth has averaged five per cent a year, while the importance of non-oil economic activities has grown steadily.
"Our efforts at economic diversification continue unabated with a target of increasing the contribution of the non-oil sectors to UAE GDP from 70 percent today to 80 percent during the next 15 years,” he added.
Sheikh Ahmed said that the emirate will continue to embrace the world economy through welcoming trade, investment, people and ideas.
“We are working to ensure sustainable development while preserving the environment, and to achieve a perfect balance between economic and social development through improving the quality of air, preserving water resources, increasing the contribution of clean energy, and implementing green growth plans," he said.
"We continue to work closely with the private sector to boost productivity growth and improve the quality of public services."