The economy in Dubai increased 3.9% with its gross domestic product (GDP) escalating to Dh88.7 billion in the first quarter of 2015, prompted by bubbly logistics and trading industries.
Dubai was positioned 5th fastest growing city economies in the world by a global think-tank, distinguished its economy continuing the enlargement drive with most sectors marking robust executions.
Arif Obaid Al Muhairi, executive director of DSC stated that the logistics activities played a major function in sustaining the entire progress of the emirate, together with a 3% increase noted by the retail and wholesale trade that gives 26.9% to the GDP.
Storage, transport and communications services augmented by 5.7% in the first quarter what adds to Dh14.2 billion in value to the economy. Manufacturing industry increased 4.1%, adding Dh11.9 billion. Hotels and restaurants accounted for 9.2%, adding Dh5 billion whereas the first quarter observed a notable development in tourism infrastructure.
The number of hotels increased 7.7% as real estate and business industries declared a 4.4% growth. Dubai has been placed among the top 10 cities that are powering economic progress within their countries. The account stated that Dubai’s intensification was improved by a 4.7% yearly increase in service.
Generally, Dubai is ranked number five among the list of elite global metropolitan cities that are pushing the boundaries of the country’s economic growth
Dubai is aiming yearly GDP growth of 5% in its Dubai Plan 2021, faces three main economic headwinds: a robust US dollar, an 80% fall in Russian visitor and low oil prices
By 2021, the input of oil returns to the UAE’s GDP is arranged to plunge from about 30% to just 5%. In January, the International Monetary Fund (IMF) scaled down its development prediction for the UAE on the back of a plunge in oil prices.
It has been estimated that the economy in Dubai is expected to rise by 4.5% this year and 4.6% in 2016. It has been estimated also in an analysis that strong non-oil activities, greater public sector spending and huge foreign reserves will impel the UAE’s economic development by 4.4% to $440.18 billion in 2015 from $416.44 billion in 2014.
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