A report of the Ministry of Economy expected that the country's merchandise exports would increase by 4.2% to record about 330.2 billion dollars (one trillion and 215 billion dirhams) at the end of this year, and the report also expected that merchandise imports would increase by 4.3%, to reach 245.4 billion dollars (904 billion dirhams) within a year 2019.
In the "Annual Economic Report 2019", which was launched during the activities of the "Emirates Economic Forum" yesterday, and whose activities were attended by His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, the ministry indicated that the inflation rate during 2019 is expected to decrease to about 1.2%.
In addition, two officials affirmed during the forum’s activities that the state’s economy is one of the region’s most diversified economies, with non-oil sectors contributing more than 70% of the country’s gross domestic product, noting that Dubai is a station of the free and open economy on the world and a magnet for domestic and foreign investment.
Entrepreneurial economy
In detail, His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum witnessed yesterday the launching of the Emirates Economic Forum 2019, which was organized by Dubai Economy, in cooperation with the Ministry of Economy, under the title "Entrepreneurial Economy in the Emirates Flexibility, Growth and Prosperity", and concludes its activities today in Dubai. His Highness also honored the economic departments and the Ministry of Economy in the United Arab Emirates for its strategic partnership of the forum. His Highness also honored the Cooperation and Economic Development Committee and the Emirates Economic Forum 2019 team for their efforts in making the event a success.
Real growth
In addition, a report by the Ministry of Economy expected that the real economic growth rate of the UAE in 2019 would reach 2%, and that the country's productive and export capacity of oil would increase to about 3.1 million barrels per day in 2019.
In the "Annual Economic Report 2019", which was launched during the activities of the "Emirates Economic Forum", the ministry indicated that the inflation rate is expected to decrease during the year 2019 to reach 1.2%.
She attributed this to a number of factors, including the decline in oil prices, lower rental rates, the liberalization of energy prices and their implications for transport prices, as well as lower interest rates on the dollar, which was reflected in the UAE dirham, which encouraged credit and boosted economic activity.
The report expected that merchandise exports would rise by about 4.2% to record about $ 330.2 billion (one trillion and 215 billion dirhams) at the end of this year, compared to about $ 316.9 billion (1.16 trillion dirhams) during 2018.
He also expected merchandise imports to rise by about 4.3% to reach 245.4 billion dollars (904 billion dirhams) in 2019, compared to about 235.4 billion dollars (866.2 billion dirhams) during the past year, indicating expectations that the surplus in the trade balance will increase by 4.1% to reach To about 84.8 billion dollars (312 billion dirhams) in 2019.
Looking ahead
For his part, Engineer Mohamed Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs said, “The UAE economy has achieved continuous growth over the past few decades, an economy characterized by stability and ability to foresee the future and adapt to changes that occur in the directions of the global market, and is characterized by great flexibility.”
He explained that the real gross domestic product for the year 2018 grew by 1.7%, as the real non-oil GDP grew for the same year by 1.3%, indicating that the state's economy is one of the region's most diversified economies, with the non-oil sectors contributing more than 70% of the output The country's gross domestic.
For his part, Director General of Dubai Economic, Sami Al-Qamzi, stressed that leadership is one of the most important characteristics of the UAE economy, in which the businessman finds new opportunities for investment, even in the face of challenges and changes in the global economic scene, stressing that the government also sees these conditions as opportunities for investment and opportunities To formulate bold and innovative economic policies.
He added that Dubai occupies the highest ranks in the rankings of the most important global economic indicators, including the first in the Arab world, and the fourth in the world in the "economic performance" axis, in the report "Dubai Competitiveness 2018", issued by the "Global Competitiveness Center" of the International Institute for Administrative Development.
He said that at a time when many analysts are increasing anxiety about increasing uncertainty in the global economic scene, the Emirate of Dubai is witnessing economic growth supported by the insightful vision of the wise leadership and its directives that Dubai be a free and open economy to the world and a center of attraction for local and foreign investments.
The latest studies of Dubai’s economy showed that the Dubai economy is expected to grow by 2.1% in 2019, 3.2% in 2020, 3% in 2021, and 2.2% in 2022.
Millennium Goals
The head of Sharjah’s Department of Economic Development, Sultan bin Haddah Al Suwaidi, said that «the total licenses issued and renewed in Sharjah amounted to 31 thousand and 190 licenses during the first half of this year, with a growth rate of 4%, which reflects the ambitious development process of the Sharjah economy towards excellence and raising the confidence of men Businesses are strong in their local economy. ”