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A Glance of Dubai Economics

Aug
2
2015
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With its GDP surpassing $100 billion and a growth rate of almost 7% an year, Dubai is one of the fastest growing economies of the world. Behind this remarkable development lies prudent planning and policies of Dubai Economic Department, also referred to as Economic Department of Dubai or simply Economic Dubai Department.

 On an operation level, Economic Department of Dubai performs functions like business registration and licensing, compliance of commercial codes and practices and implementation of consumer protection laws. On the strategic level, Dubai Economic Department is directed towards development of a sustainable economy through identification and facilitation of strategic growth sectors of the Emirate. To achieve its objectives, Economic Department of Dubai works in collaboration with four agencies: the Export Development Corporation, Foreign Investment Office, the Mohammed Bin Rashid Establishment for Young Business Leaders, and the Dubai Shopping Festival Office.

These agencies, together with Dubai Economic Department are all directed to promote economic goals for the welfare and prosperity of the Emirate.

The economy in Dubai is no longer dependent on oil production or export. In fact, contribution of this sector amounts to less than 5% of the emirates total output. Dubai economy is now largely focused on real estate and tourism. Dubai’s Port Jebel Ali has turned into a major service sector hub for IT and finance. With the emirate acting as a major trading route for different commodities, economy in Dubai is likely to flourish with an increasing rate. The fact that the state-owned Emirates Airline carries over 30 million passengers a year is a testimony of the heat with which the economy of Dubai is running.

Trade alone greatly contributes the massive economy of Dubai. In 2014, for example, Dubai’s non-oil trade hit $362 billion, with China alone accounting for about $48 billion of the international transactions with Dubai. Other significant contributors to international trade of Dubai are India, United States, Kingdom of Saudi Arabia, Germany, UK, Japan and Switzerland.

The Economic Department, Dubai, is well aware of the prospects. This is why it is heading towards a structural transformation of the emirate into a massive service-based economy for a quick, sustainable and fast economic growth. Dubai Economic Department is also fast revisiting the so called 2020 Economic Strategy Plan to make it in line with the current macroeconomic objectives – an inflation insensitive economy with sustainable growth rates in all sectors, especially the SMEs, which alone represent 95% of all business licenses in Dubai.

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