News & Media

Dubai is the fourth in the world to open up to foreign trade

2018-12-23

Dubai’s Department of Economic Development (DED), the emirate’s fourth-largest economy, is the world’s most open economy and is ranked first in the Gulf and Arab world.

The report highlights the most important developments for 2017 at the macro and sectoral levels and a comprehensive view of the growth of the Dubai economy in 2018. The report highlights the index of trade openness in Dubai, which reached 321% and calculates the value of exports, imports and re-exports Attributable to GDP.

Dubai was ranked fourth among the most attractive cities in the world by ranking MasterCard in the world’s most visited cities, with more than 15.8 million visitors, 2017, an increase of 6.7%, with a total expenditure of about 109 billion dirhams.

Dubai’s gross domestic product (GDP) reached AED 389.4 billion in 2017, an increase of 2.8% in constant prices from 378.8 billion in 2016. In contrast, the UAE economy as a whole achieved a lower growth rate of 0.8%, highlighting the importance of Dubai’s diversified production base , Which helped the emirate contain the impact of lower oil prices, as well as the neighboring economic conditions in the region.

Development march

Sami Al Qamzi, Director General of Dubai Economy, said: “The report confirms that Dubai’s economy continues its ambitious development path towards excellence and establishing its position as a financial and business hub in the region and the world. The ability of Dubai’s economy to achieve this achievement is due to the strength of its foundations and the government’s ability to adopt successful economic policies to stimulate various economic activities.

He added that Dubai has enhanced its openness to the world and has developed its network of partnerships with many countries in the region and the world, increasing the flow of investments in the emirate, foreign trade and the number of international visitors.

“Dubai’s remarkable successes in the economic field would not have been possible had it not been for the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who aspires to raise the welfare of the community, The emirate’s position on the global competitive map.

Under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council of Dubai, the vision was translated into various economic activities in the Emirate to transform these objectives into clear work programs represented by the Dubai 2021 Plan. Aims to mobilize all potentials, resources and potentials to ensure the sustainable development of Dubai. “

Initiatives

“In light of the economic and political conditions in our region and their impact on the performance of the economy of Dubai and the UAE as a whole, the indicators in this report indicate that Dubai is able to continue the growth path, supported by a series of strategic initiatives launched by Dubai Government As well as the implementation of major infrastructure projects as part of the preparations for the Expo Dubai 2020, as well as the incentive initiatives launched by the Government of Dubai in April 2018 to promote “Al Qamzi praised the institutional cooperation between Dubai Economic and its strategic partners from government departments in Dubai, including Dubai Statistics Center, Dubai Customs, Department of Tourism and Commerce Marketing The Dubai Department of Finance, the Department of Land and Property, and other local departments in the issuance of the Economic Report of the Emirate of Dubai, which embodies the vision of the wise leadership of the Government of Dubai, in promoting institutional integration among the various government departments.

Record

According to the report, Dubai has achieved a record nominal market capitalization with a total nominal value of AED 217.334 billion, making Dubai the highest value Islamic Sukuk listed in the world. The transport and storage sector, the second largest contributor to Dubai’s GDP, is 11.8% in 2017. ICT also contributes 4.1%.

The emirate’s road network is the world’s best in terms of safety and efficiency, and Dubai is home to two of the world’s best airports in terms of efficiency and quality of service. Al Maktoum International Airport is part of the Dubai World Center, one of the largest air transport projects in Dubai, and includes the creation of the world’s first integrated aviation city. According to the World Economic Forum’s Global Competitiveness Report (2017-2018) The UAE ranks first in the world, in terms of government procurement of high-tech products and innovation.

Expansionary policy

In terms of the financial situation of the Government of Dubai during 2017 and 2018, the emirate adopted an expansionary fiscal policy, increasing public spending on infrastructure projects and other investment projects as part of the preparations for hosting the Expo 2020. Thus, the budget deficit will rise to about 1.5% of GDP At the end of 2018, but is considered a lower percentage than the recommended level, of 3%. The growth in real GDP of Dubai, an annualized low rate of inflation, was 2.1% in 2017, compared to an inflation rate of 2.91% in 2016.

The decline in the inflation rate is attributed to the decline in the annual rate of increase in prices in several sectors, including housing, water and electricity, from 4.5% in 2016 to 0.9% in 2017. In terms of the contribution of major sectors to GDP growth, Real growth in 2017, excluding financial services, which added value at the same level as in 2016. The tourism sector, represented by accommodation, restaurants and real estate activities, recorded the highest growth rates of 8% and 7.3%, respectively.

The growth rate in the construction sector, which reached 3.5%, is seen after a contraction rate of -3.4%.

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