Font Size

- Aa +

Tue 17 Mar 2009 03:42 PM

Font Size

- Aa +

Dubai reviews economic parts of 2015 strategic plan

The plan is being revised in view of the current economic crisis, says gov't official.

Dubai is reviewing all economic aspects of its strategic plan to ensure the emirate financial future and safeguard jobs, a senior government economist has said.

The Dubai Strategic plan 2015 predicts that growth in the emirate will be 11 percent, but it was more likely to be in the region of 2.5 percent, said Raed Safadi, chief economist at Dubai's Department of Economic Development.

"Everything has been put on the table, the stimulus package and policies, with one aim - to safeguard jobs. There are no policies that are not being reviewed," he said, according to a report in UAE daily Gulf News.

The government was working quickly to assess all projects and capital and other economic aspects and full details of the review would be announced soon, he added.

Simon Williams, chief economist at HSBC Middle East welcomed the revision. "I don't think the direction of Dubai's economy is in doubt. Some elements of the plan would inevitably be reviewed in light of changes in the international environment,” he said.

The Dubai government launched a $20bn long-term bond programme at the end of February, of which $10bn was immediately taken up by the UAE Central Bank.

The move aimed to provide the Dubai government with enough liquidity to replace global investment streams that had dried up as a result of the globally crisis.

Further news on how and where the funds from the second $10bn tranche would be used will become clear in the next two weeks.