Swifter, Dynamic and Sustained Economic Growth discussed during two-days UAE Economic Forum

A Two-days forum the UAE Economic Forum 2019 based primarily on its primer theme as “The UAE Enterprising Economy: Resilience, Growth & Prosperity” is a collective effort between Economy Ministry and the economic departments across the Middle East. It was being held under Patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, along with the presence of Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, President of the Dubai International Marine Club held at Armani Hotel, Dubai.

  Sheikh Mansour in turn honored and also lauded in the Economic Departments alongside the Ministry of Economy for their overall participation for the Forum as well as the overall organizers and the Technical team of the forum for their continued thriving efforts.

  This forum combines and pulls off the two previous events “Emirates Economic Planning Forum” and as well as “UAE Economic Outlook” that were highly successful during the last six years and made them into a single conclusive event this financial year.

   It was also stated that Abu Dhabi would be a prime contender to host UAE Economic Forum in 2020 and it would be followed in the other Emirate nations during the upcoming years. In the upcoming years, it will be a landmark event for the consolidation of efforts for achieving the primer goal set by the UAE as its National Agenda in making the nation as one of the most innovative globally within 2021. This forum has a series of discussions as well as dialogue sessions for the culmination of various policy recommendations and as well as strategy supporting acceleration and the sustenance of the tertiary’s economic growth.

   Director-General of Dubai Economy Sami Al Qamzi in his initial speech stated that “Forum reflects Sheikh Mohammed bin Rashid vision for the anticipation of the global events and as well as natively in adapting of changes for the development of the alternative analysis and scenarios for their overall growth and prosperity.

   Al Qamzi also as well as continued that “At a time several analysts are growing anxious concerning surging uncertainty within the international economic scene, Dubai is witnessing economic process supported by the perceptive vision of the leadership and its directives that the Emirates be a free and open economy and a magnet for native and foreign investments. It’s conjointly enabled them to attain a more comprehensive and property development supported through the innovation and high productivity, that balances the requirements of the current and also the future. We have designed on this basis a varied base of economic activities with high added-value, which in turn has contributed to surging the capability of the native and Middle East’s economy to grow and confront any internal or external shocks.”

Al Qamzi also added that: “The distinctive economic model paved the manner for Dubai to occupy the best rank within the most significant global economic indicators, as well as the primary within the Arab world, and also the fourth globally within the economic performance in the ‘Dubai aggressiveness 2018’ report issued by the ‘International aggressiveness Centre’ of the International Institute for Management Development, IMD, situated in Switzerland.

Dubai conjointly ranked on top of within the global standards amongst the highest twenty cities for renewable energy investments, second in terms of economic prospects, and third within the world in terms of the quantity of latest investment projects, consistent with the ‘Global Future Cities 2018 – 2019’ report as issued by the FDI Index benchmark of the Financial Times.

The latest studies conducted by the Dubai Economy as well unconcealed that Dubai’s economy is predicted to surge ahead at a rate of 2.1 percent in 2019, 3.2 percent in 2020, and 3 percent during 2021 in lightweight of external factors and also the expected positive backlash of the strategic initiatives launched by the Government of Dubai and the UAE, as well as launching long run residency to draw in talent all told very important sectors of the economy, 100% possession offered to foreign investors, and hosting the Expo 2020, that the government of Dubai has launched for its major infrastructure outcomes.

Mohammed Al Shehhi, Undersecretary for Economic Affairs within the Ministry of Economy, stated: “The patronage of His Highness Arab chief Mohammed bin Rashid Al Maktoum for this event reflects the importance of consolidated efforts in boosting the economy within the UAE. these days we tend to are celebrating the success of the ‘Emirates Economic designing Forum’ and also the ‘UA Economic Outlook’ by merging the 2 events into one forum underneath the patronage of the Ministry of Economy and the departments of economic development all told emirates, and therefore starts a replacement journey of nearer cooperation for any economic development within the country.“

Al Shehhi also pointed out additionally that the UAE remained one among the foremost diversified economies within the region with a true growth of 1.3 percent in non-oil value in 2018 whereas real GDP growth was 1.7 percent. Non-oil sectors conducive over seventy percent of UAE’s value these days validate the leadership of the country in varied very important economic sectors, like a commercial enterprise, industry, data and engineering, small and medium enterprises, logistics, and financial services.

Al Shehhi concluded the statement by stating that “Our vision for the long run is optimistic, and through the pillars of the UAE vision 2021 and also the UAE Centennial 2071, we thrive harder to attain the goals of the country within the close to term, and formulate methods for the mid-to-longer term. The UAE underneath its pragmatic leadership is keeping pace with future trends and hold advance technology to be within the forefront of the digital transformation happening worldwide.”

Mohammed Ali Al Shorafa, Chairman of the Department of Economic Development, Abu Dhabi, in his opening speech addressed that the “UAE Economic Forum marks the start of a unified interactive economic platform at the national level and accessorial that national capital hosting following forum in 2020 can further enhance integration between national initiatives and strategic plans of the seven emirates furthermore as contribute to achieving economic mutuality within the UAE.”

Elaborating on the endeavors created by the Department of Economic Development to make a diversified, competitive economy supported data, development, and innovation, Al Shorafa aid overall, Abu Dhabi’s economy has been ready to continue its growth and diversification whereas conjointly remaining versatile and with success responding to challenges. Foreign Direct Investment, FDI, in national capital enhanced by five percent to succeed in concerning AED 105 billion by the close of 2018, despite the reduction in FDI flows worldwide by 13 percent throughout an equivalent year.

“Recently, government efforts, in cooperation with the personal sector, have completed a full of life role in fast the pace of economic process in national capital, despite unfavorable international, economic conditions. the important gross domestic product of national capital enhanced by one.9 p.c to succeed in over AED 797 billion by the tip of 2018,” Al Shorafa stated and adding that almost all of the non-oil sectors in national capital managed to keep up positive growth rates, particularly producing, that get at concerning half dozen percent at mounted costs, to lift its contribution to over twelve percent of net value.

Al Shorafa expressed that the economy in national capital is predicted to continue its positive path to attain a true rate of growth prodigious two percent by the tip of 2019, supported by a positive momentum inside the general non-oil economic activities that are expected to grow at a rate of roughly 1.8 percent at constant costs by the tip of this year. The Emirate’s strategy to expand the assembly base and diversify financial gain sources is with success getting into line with the long-run goals of the national capital Economic Vision 2030.