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Dubai economy to grow 3.2% in 2020

The Crown Prince Of Dubai and Chairman Of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stated that Dubai’s economy is showing a steady rise. According to the latest reports, the gross domestic product (GDP) of the UAE is showing promising growth rate in the upcoming year.

Dubai’s economic forecast for the short-to-medium term business activity in Dubai signals an increase of 2.1 per cent in the GDP of this year and 3.2 per cent hike in the year 2020.

The Crown Prince Of Dubai commended the vision and foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum. For it was through his thorough planning which had made it possible for Dubai to become an attractive and enchanting place for foreign investments and business setups. That has enabled the city to make its mark on the World stage. The Ruler of Dubai’s vision has improved the city’s economic indicators globally, including education, health, gender equality and competitiveness.

He further complimented Dubai’s policy of inclusivity and openness that has led to the city becoming a perfect investment spot for entrepreneurs looking to invest in innovative business ideas. Dubai has evolved itself into a prime locale by extending support to foreign investors by employing strategies that promote ease of doing business. He also pointed towards the critical role the government of the UAE played in initiating and fostering promising initiatives, that allowed economic growth and development and built the confidence of the investor in Dubai’s economy.

Suggested Read: Dubai’s Economy Booming thanks to the new Visa Reforms.

Dubai’s Economic Outlook:

Dubai’s Economic Forecast for the year 2020 various sectors is as follows:

  • Construction Divison will grow by 1.7 percent in 2020, which is zero point five per cent more than in 2019.
  • Real Estate Division is estimated to gain a 3.6 per cent increase in 2020 against 2.2 per cent growth rate of 2019
  • Tourism Sector will show an immense boost of 6.6 per cent in 2020, as compared to abysmal 3.3 percent of 2019
  • Manufacturing Divison will grow by 3.1 percent in 2020
  • Logistics Divison will grow by 3.8 percent in 2020
  • Financial Sector will grow by 2.7 percent in 2020

The upcoming and much anticipated World Expo 2020 and other such initiatives have played a part in accelerating economic growth of the city, especially in the second half of 2018, which showed a whopping 2.2 per cent increase. That is a massive increase as the first half of 2018 only showed 1.7 per cent real GDP growth. That has resulted in an overall increase of 1.9 percent of GDP in 2018.

 Moreover, 2018 was the year of immense business productivity which showed an increase of 2.2 percent that is a 1 percent increase from the previous year. What drove this increased economic activity was the quest for a better business environment and stability which the city of Dubai provided in abundance.

Looking ahead:

In 2019 His Royal Highness announced his Fifty-year Charter, this Charter as it has always been the standard entailed the anticipated the upcoming challenges that can befall the country. This Charter further articulated ways to counteract and manage said challenges. A set of policies that will help in accelerating Dubai’ economy, ensuring the prosperity of the United Arab Emirates were also part of the famed Charter.

Furthermore, the Charter endorsed Dubai’s key policy of remaining a free, fair and open market. Assuring its investors both local and global, that the city will always welcome them with open arms.

Dubai is cultivating new strategies to maintain and grow its economy so that its expansion into global markets can continue without a hitch.

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