Dubai economy set to grow by 3-4pc in 2017-2018

21/11/2017 08:02 AST

Dubai's economy is expected to grow by 3-4 per cent in the 2017-2018, Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry, said at a ‘Meet the CEO’ event organised by the Government of Dubai Media Office (GDMO) on Monday.

He pointed out that 98 per cent of Dubai’s GDP comes from non-oil sectors, which include tourism, aviation, hospitality, retail, logistics, and financial services, reported Wam, the Emirates official news agency.

He added that Dubai will create new business opportunities and target new markets over the coming years.

The United Arab Emirates has a clear and comprehensive vision to diversify its economy and achieve an optimal balance between its various sectors to ensure sustainability and create new business opportunities, he stated.

Speaking at the event, Buamim explained that the vision of the Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, is to create a solid foundation for the post-oil era by diversifying the economy and strengthening trade.

Buamim added that analysis conducted by Dubai Chamber has projected steady growth in Dubai’s markets in 2018, expressing his optimism about Dubai’s prospects. He also highlighted Dubai’s competitive advantages, which have enabled it to attract a high volume of FDI that exceeded $3 billion in the first half of 2017.

‘Meet the CEO’ event is part of a series of press events organised by GDMO for leaders of prominent Dubai-based organisations.

Trade Arabia