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Thu 21 Dec 2017 01:18 PM

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Dubai economy forecast to grow by 3.5% in 2018

Sheikh Hamdan says objective is to create environment for economic sectors to develop into the best in the world

Dubai economy forecast to grow by 3.5% in 2018

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, has approved the Dubai Economic Report 2017.

The report, issued by the Dubai Economic Department, forecasts Dubai’s economy to grow 3.2 percent in 2017 and 3.5 percent 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, it added.

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.

Sheikh Hamdan said: “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,” he added.

“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.”