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Tue 21 Nov 2017 10:05 AM

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Dubai economy expected to grow 3-4 percent in 2017 and 2018

Dubai Chamber CEO Hamad Buamim says that Dubai had attracted more than $3 billion in FDI in H1 2017

Dubai economy expected to grow 3-4 percent in 2017 and 2018
The economy of Dubai is forecast to grow between three and four percent in 2017 and 2018, according to Hamad Buamim, president and CEO of the Dubai Chamber of Commerce and Industry.

The economy of Dubai is forecast to grow between three and four percent in 2017 and 2018, according to Hamad Buamim, president and CEO of the Dubai Chamber of Commerce and Industry.

Speaking at a “Meet the CEO” event organised by the Dubai Media Office on Monday, Buamim said that an analysis conducted by the Dubai Chamber has projected “steady growth” in Dubai’s markets in 2018, and noted that Dubai has attracted over $3 billion in foreign direct investment in the first half of 2017.

Additionally, Buamim noted that 98 percent of Dubai’s GDP comes from non-oil sectors, and that the emirate is working to create new business opportunities and target new markets over the coming years.

Earlier this month, Jihad Azour, the International Monetary Fund’s Director for the Middle East and Central Asia, noted that IMF statistics forecast Dubai’s GDP growth in 2018 at 3.5 percent, compared to 3.3 percent in 2017 and 2.9 percent in 2016, and noted the particular importance of investment in the upcoming Dubai Expo 2020 in “allowing the city to grow.”

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