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The discussion highlights the fast growth in the importance of trade in services in the global economy and identifies viable opportunities for Dubai to strategically grow trade in services that goes beyond port operations, logistics or air transport. The total value of Sukuk listed on Nasdaq Dubai reached a global record of US$ 60 billion in 2018.Dubai’s industrial sectors comprising the value added produced in Manufacturing, Construction, Electricity Gas and Water Supply and Mining and Quarrying are the primary pillars of the economy due to their numerous contributions to economic and social development of the Emirate and importance in supporting the output of other sectors. This chapter identifies strengths and challenges to Dubai’s wholesale retail trade, chiefly, the growth in popularity of e-commerce and an oversupply of retail space are perceived threats to retail & services. Over 80 per cent of students report feeling happy and optimistic about their lives.
The International Monetary Fund (IMF) has forecast the UAE’s nominal gross domestic product (GDP) to grow 4.7 percent to AED1.673 trillion ($460 billion) in 2019, compared to AED1.589 trillion a year ago.
The emirate has gradually moved away from an oil-based economy to a knowledge-based economy with revenues from oil and natural gas accounting for less than 5% of the emirate's revenues. WAM said the IMF's positive forecasts are based on the three-year stimulus packages initiated by the Federal Government starting this year, with inflation rates kept as low as 1.9 percent in 2019 despite the introduction of VAT last year, in addition to the 8 percent increase in the current account surplus in 2019 against 6.9 percent in 2018.
GDP Growth Rate in the United Arab Emirates averaged 4.23 percent from 2000 until 2019, reaching an all time high of 9.80 percent in 2006 and a record low of -5.20 percent in 2009. The IMF said Dubai Expo 2020 is expected to result in high tourist influxes, adding that the UAE economy has survived the slowdown witnessed in 2015-2016. This chapter discusses the importance of leveraging Dubai to preserve its position as trade hub for the region and intermediating and connecting trade flows within the region and globally.
Total government expenditure in the United Arab Emirates rose to 119 billion dirhams ($32.40 billion) in the first quarter of this year, the report said. These are services that boost trade flows to and from Dubai and where Dubai can play a key role in their supply.Wholesale and retail trade is the most important activity in the services sector in Dubai and in 2018 it represented 26.4 per cent of GDP (in constant prices). Dubai and the Global Economy (in 2018-2019) - Chapter 1. The IMF also highlighted domestic investment and private sector-provided credit as well as the ongoing momentum in trade relations with major trade partners. The report also said the economy posted estimated growth of 2.2% in the second quarter compared to a year earlier, with non-oil real GDP up 1.5%. .
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