Dubai's economic facts growth will hasten in 2019 and 2020, with tourism, logistics, transportation, indiscriminate, and trade and marketing areas substituting the factual domain like the main evolution driver next few decades, certified data displayed. Data released by Dubai Economy 2020 exhibited that Dubai's GDP cultivated 1.94 percent last year but it will preference up to 2.1 percent this year and 3.8 percent next year before enabling to 2.8 percent in 2021. The state's economy will endure depending on real estate as its core growth driver at 3.65 percent for 2019 shadowed by 3.1 percent for logistics and transport 2.8 percent growth in tourism 2.4 percent in pecuniary amenities and 1.9 percent in extensive and marketing trade. But as tourists will drove into the emirate this year for Expo 2020, the tourism sector will surpass real estate to develop a top growth driver of the economy shadowed by logistics and transport wholesale and retail real estate economic services industrial and edifice business and trade. 

Dubai Economy Facts and Dubai Industry In 2020

Dubai’s industry sector well-defined as trade and business, electrical barriers, and gas transportation continue to be a major care holder of the country’s monetary development. Although industrial production has been factually assembled on low-tech high-value-added segments such as dishonorable metallic elements and chemical invention, the country is pursuing a modified agenda under its Dubai industry techniques 2030.

Dubai’s government is arranging the industrial sector predominantly the engineering to drive non-oil GDP advance and support broadening. The sector as a whole reported for 13.7% of Dubai’s GDP in 2017, with industrial contributory the uppermost share of output, at 68.5%, shadowed by electricity and gas (19%), and withdrawal and excavating (12.5%), according to the latest supervision figures. In 2017 the total value extra by the trade and business sector was Dh53.7bn ($14.6bn), a 2.5% growth from Dh52.4bn ($14.2bn) the former year. Manufacturing has fully-fledged significantly, with its value-added involvement in Dubai’s industry mounting by 2% in 2017 to reach Dh36.8bn ($10bn), up from Dh36bn ($9.8bn) in 2016 the segment now financial records for around 9.4% of GDP.

The Dubai government supposes industrial output across the UAE to upsurge by 34% by 2027, with the country’s industrial growth projected to surpass the nationwide average at 51%. Complete, the UAE government supposes manufacturing to donate 25% of the country’s GDP by 2025, a striving though achievable board given that the industrial sector prolonged by 31% over a 10-year old-fashioned between 2007 and 2017.

Opening in 2018 data on manufacturer price catalog inclinations for Dubai’s trade and business section exposed heartening signs of development, as regular charges rose by 6.3%, bestowing to the Dubai Information Centre. While amplified charges for sophisticated petroleum harvests described for some 70.2% of this change, prices in other trade segments such as electric gear (4.6%) and non-metallic goods (3.6%) also established growth. These subtleties appear to be having an optimistic knock-on outcome on business self-assurance. According to the Dubai Business Confidence Index for the first neighborhood of 2019, those measured were originated to be most cheerful about the manufacturing segment in terms of capacities, profits, and service, with larger companies having most solid prospects associated with small and medium-sized initiatives.

In the early 1990s, there were only a handful of hotels obtainable for tourists, and Dubai never had high oil incomes like Abu Dhabi so approximately had to change. The Burj Al Project in 1994 (Burj Al Arab Hotel) gave expectation to the economy, as a long-term policy, a desire to become the world’s top visitor destination. Being one of the desired tourist destinations in the UAE, it has seen a wonderful change in Dubai’s economy facts in the past 50 years or so.

Some of the major reserves in the Dubai industry have been chiefly affected due to the collapse that hit the global market in the topical past. Even though Dubai's economy 2020 was built on the back of the oil industry, most of the city's investment and pecuniary centers headquartered in the port area and provision productions got mainly exaggerated as Dubai's belongings market confronted a major recession during 2008-2009 as a result of the worldwide economic stoppage. Most of its continuing schemes along with the jobs of the emigrants got hit as a result. Also, it was completed public that Emaar had around $70 billion credits and the state of Dubai an additional $10 billion while property appraised $350 billion in factual estate resources.

Dubai Industry has also conventional itself as an international technical school hub that amenities industries such as Business investment and information technology. Dubai Internet City, along with Dubai Broadcasting City forms the TECOM (Dubai Technology, e-commerce, and Media Free Zone Specialist), which is an area who dynasties well-known IT companies such as EMC Establishment, Microsoft, Hewlett-Packard, Dell, Oracle Corporation and IBM, and media organizations such as BBC, MBC, CNN, Reuters, and Sky News.

With an auspicious growth rate of 6.1% in 2014, Dubai is on its way to fetching one of the wildest growing economies in the Middle East. Dubai has outstanding trade and business relations with several countries that support its economy. By 2014, Dubai’s largest trading partner was recognized to be China shadowed by India and the United States.

In current times tourism has arisen as a momentous driver of GDP. Dubai welcomed 15.93 million companies in 2018, recalling its grade as the fourth most prevalent destination internationally. Dubai has also textured as the shopping capital of the Middle East, thanks to its assorted marketplaces, over 100 malls, and countless shopping centers. Dubai is pertinently referred to as the ‘City of gold’, as the city houses nearly 250 gold market shops.

Dubai has won the bid to host the most expected Expo 2020, which will give an amazing boost to Dubai economy facts, and is expected to create over 270,000 jobs in the Dubai industry sphere. 

26th Apr 2021 Syed Furqan Ali

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