Dubai is the biggest destination for investment. In the last decade or so, its growth speaks its story. Dubai Crown Prince Sheikh Hamdan also said emirate is the best global destination for investment and talent’ in the coming years. Dubai economy bouncing back in 2021 with 3.1% growth.
On Tuesday, Dubai’s Department of Economic Development says the growth of Dubai is 3.1 per cent this year. But, driven by the hosting of Expo 2020, Dubai’s progress is to accelerate to 3.4 per cent in 2022. Dubai economy bouncing back in 2021 with 3.1% growth.
Dubai Crown Prince said:
“The favourable outlook for growth in the emirate has been made viable by the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Under his leadership, the government began taking certain measures to reduce the effects of global challenges on the economy.
“These efforts new law and improvements to the investment and residency laws in the country. Cumulatively, these moves reviving the economy and excited a steady flow of local and foreign investment, providing the emirate to resume its journey of growth, diversification and steady economic growth.”
Dubai vows to be an even more influential global destination for financing and talent and a centre that offers exciting new possibilities for businesses, entrepreneurs.
Sami Al Qamzi, director of Dubai Economy:
“Dubai’s most advanced economic signs show that the preventive measures, widespread vaccination campaigns, incentive packages, and congressional amendments that the UAE and Dubai have chosen are right on target.
In 2020, Dubai’s real output was below its current production space, similarly to elsewhere in the world. Control measures considered on both supply and demand jointly led to a notable decline in economic activity, including in Dubai. Notwithstanding the significant support given by the government to firms in all sectors.
The commercial and retail trade sector is also to recover a large part of its activity following the Covid-19-induced slowdown. Reaching a growth of nearly 5% per cent in 2021. On the other hand, development Real estate projects activity is likely to decline in 2021 by 2 per cent.
Al Qamzi says that the development is expected to quicken in 2022. It is going to reach 3.4 per cent. The constant recovery of actions most hit by the pandemic, such as tourism and international transport.