Dubai: Dubai will release its economic outlook twice every year from now on, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation, Chairman & CEO of Emirates airline and Group and Chairman of the Economic Development Committee in Dubai, said at the ‘UAE Economic Outlook 2017’ hosted jointly by the Dubai Department of Economic Development and the Abu Dhabi Department of Economic Development.
The outlook will be released every January and October, he said. The initiative is aimed to promote transparency and provide accurate information that would help consumers as well as investors in decision-making.
“We continue to work closely with the private sector to boost productivity growth and improve the quality of public services. This is the strategic goal that inspired Dubai’s Public-Private Partnership Law where we seek a continuous model for exchange of knowledge and experience between the private and the public sector,” Shaikh Ahmad said.
Private sector cooperation
As part of combined efforts to achieve sustainable economic growth across the country, governments will be working closely with the private sector.
“The vision of the UAE leadership and clear government policies have enabled the consolidation of a diversified and globally competitive economy strongly founded on knowledge, innovation and empowered citizens,” Abdullah Bin Ahmad Al Saleh, Undersecretary in the UAE Ministry of Economy for Foreign Trade & Industry, delivering a speech on behalf of Sultan Bin Saeed Al Mansouri, Minister of Economy.
Al Saleh adding that “the UAE Economic Outlook 2017 is an ideal platform to shed light on the future prospects in the country and explore ways to sustain the progress achieved.”
He added that the diversification efforts in the past have succeeded in preparing the country to enter the post-oil phase confidently. “The GDP contribution of oil has fallen to about 30 per cent, improving flexibility and [the] resilience of the national economy,” he said.
“Real GDP growth touched 3.8 per cent and the country attracted $11 billion (Dh40.4 billion) in foreign direct investment in 2015, cementing the UAE’s position as a premier investment destination in the Arab world. Exports grew 22 per cent in the same year compared to 2014 and industrial investment has grown to Dh130 billion in 2016 from Dh127.6 billion during the previous year.”
Innovation benefits
Officials said the country’s growing focus on innovation and productivity are helping it to emerge as one of the unique growth hubs of the world
“The Dubai Plan 2021 is a unique growth model that discards the idea of relying on the accumulation of factors of production in favour of sustainable and innovation-driven productivity as well as ease of doing business. The strategy will lead to a diversified base of value-added economic activity and enable the emirate’s economy to withstand any potential internal or external shock,” said Sami Al Qamzi, director-general of the Department of Economic Development (DED).
