Off the wire
• Gold nanoparticles possibly broad-spectrum treatment against viruses: Swiss study  • Ugandan legislators start final stage on removal of presidential age limit  • U.S. confirms multiple deaths of American citizens in Mexico bus crash  • Ujah returns to Bundesliga side Mainz  • Fitch cautiously optimistic about South Africa's economy  • Ruthenbeck named as Cologne head coach until end of season  • Contact group on Ukraine agrees on ceasefire, prisoner swap  • Sudan urges African countries to withdraw from ICC  • Turkish FM urges UN to repudiate U.S. Jerusalem move  • Spanish shares drop 0.26 pct Wednesday  
You are here: 　

Growth forecast for Dubai economy stands at 3.2 pct in 2017

Xinhua,December 21, 2017 Adjust font size:

DUBAI, Dec. 20 (Xinhua) -- Crown Prince of Dubai on Wednesday adopted the "Economic Report of Dubai 2017," which reviews the major developments in the economy of Dubai, the state news agency WAM reported.

Sheikh Hamdan Bin Mohammed Al-Maktoum, Crown Prince of Dubai, adopted the "Economic Report of Dubai 2017", which reviews the major developments in the economy of Dubai in 2016 at the macro and sectoral levels and an overview of The growth of the Dubai economy in 2017.

The report was prepared by the Department of Economic Development in Dubai according to the latest official statistics available to the competent authorities in the emirate, as well as forecasts of some economic indicators that monitor them.

"The growth forecast for the Dubai economy is 3.2 per cent in 2017 and 3.5 per cent in 2018," said teh report.

It added that with a cyclical recovery in the growth of the global economy is gaining strength beginning in mid-2016 and the expected positive impact on the emirate, in addition to the important strategic initiatives launched by the Government of Dubai under the framework of Dubai 2021 plan, in particular hosting the Expo 2020.

And the Government of Dubai is moving ahead with its preparations to launch "mega infrastructure" projects.

"Our goal is to create an ideal business environment that is the best in the world. Dubai has built a solid economy that is resilient and responsive to the needs of the local and international business community," said the Crown Prince of Dubai.

Earlier in the month, Dubai has approved its biggest ever budget for 2018 with the aim to increase infrastructure spending to prepare for the six-month Expo 2020 which the emirate will host from October 2020 until April 2021.

Expenditure is set to increase by 19.5 percent to 56.56 billion dirham (15.41 billion dollars). Revenue is projected to surge by 12.5 percent next year to 50.36 billion dirham (13.72 billion dollars).

The projected deficit will be 6.2 billion dirham (1.68 billion dollars) deficit, representing 1.55 per cent of Dubai's gross domestic product. Enditem

 

Related News & Photos