His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stressed that the comprehensive development vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, made Dubai an attractive and ideal environment for investment, and enabled it to To take advanced economic and development steps, with which it has strengthened its position among many global indicators in various fields, including education and health, women's empowerment, and maximizing competitiveness.
His Highness praised the policy of openness and support for innovative projects, and encouraging Dubai's entrepreneurship, which made it the preferred place for investment at the regional level, and a gateway to expand into promising regional markets, praising His Highness the key role played by effective government initiatives and investments, in addition to projects for "Expo" 2020 Dubai », and its role in supporting productivity growth and increasing investor confidence in the Dubai economy, which contributed to driving the real growth expected in the emirate over the short and medium term.
This came on the occasion of the Dubai Economic Declaration, expectations that Dubai's GDP will achieve a growth rate of 2.1% in 2019, 3.2% and 3% for the years 2020 and 2021 respectively, and these expectations take into account the latest developments in the pace of global growth during the short periods And medium-term.
Motivational actions
The Director General of Dubai Economy, Sami Al Qamzi, said: “In light of the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Council The executive, Dubai government has taken a set of incentive measures, and launched a series of strategic initiatives during the second half of 2018, to enhance and increase the economic growth rates in the emirate.
He added: «These initiatives contributed to increasing domestic demand, reducing the costs of doing business, providing liquidity to small and medium enterprises, and supporting the tourism and real estate sectors. As a result of these initiatives and measures, foreign investment flows to the emirate reached 38.5 billion dirhams in 2018, an increase of 41% compared to 2017. This pushed the real GDP growth rate of the emirate to 2.2% in the second half of 2018 compared to the rate of Growth of 1.7% in the first half of it, and thus the real GDP growth rate of the emirate was 1.9% in 2018 ».
Governmental initiatives
Governmental initiatives continue to support productivity growth, enhance the confidence of both businesses and consumers, and stimulate economic growth in the emirate during the current year and the coming period, despite the unfavorable conditions in the global economy, as a result of differences on trade policies between the largest economies in the world, And the geopolitical risks, the state of anticipation, and the uncertainty about the implications of "Brexit", which led most of the prominent international economic organizations such as the World Bank, the Organization for Economic Cooperation and Development, and the International Monetary Fund, to reduce their expectations for the growth rates of the global economy to For the current year (2019) and years to come.
The economic arms under the government of Dubai operate within the framework of the “Fifty Document” launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during which His Highness outlined future steps in which to work through a set of initiatives that Ensures to maintain and sustain the momentum of economic growth and achieve prosperity and prosperity for the Emirate of Dubai.
The document reaffirmed the basic principles from which the emirate’s economic policies are based: a free market economy open to the world, and a center of attraction for domestic and foreign investment.
The emirate continues to apply more strategies and initiatives that support growth to meet future changes on the regional and international economic scene taking into account the rapid developments in the areas of artificial intelligence, the Internet of things, and the fourth industrial revolution.
Productivity and capital
Dubai's growth was supported by productivity growth of 2% in 2018 compared to 2017, as a result of businesses seeking to improve efficiency levels.
In turn, the balance of capital (the balance of net investments after excluding capital depreciation) between 2011 and 2018, increased annually by 4.2% on average.
Human capital
Human capital growth, measured by the average number of years of education weighted by returns from different levels of education, has had an effective contribution to increasing labor productivity in the Emirate of Dubai. The Human Capital Index (which has a value of 100 in the base year of 2006) has witnessed continuous growth since 2015, and reached its highest level in 2018 with 12.2 years of education.