Dubai Economy is Still Growing
Dubai’s economy is expected to grow by 3-4 percent in the 2017-2018, Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry, said at a ‘Meet the CEO’ event organised by the Government of Dubai Media Office, GDMO, on Monday.
He pointed out that 98 percent of Dubai’s GDP comes from non-oil sectors, which include tourism, aviation, hospitality, retail, logistics, and financial services. He added that Dubai will create new business opportunities and target new markets over the coming years.
The United Arab Emirates has a clear and comprehensive vision to diversify its economy and achieve an optimal balance between its various sectors to ensure sustainability and create new business opportunities, he stated.
Speaking at the event, Dubai Chamber’s President and CEO explained that the vision of The Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, is to create a solid foundation for the post-oil era by diversifying the economy and strengthening trade.
Buamim added that analysis conducted by Dubai Chamber has projected steady growth in Dubai’s markets in 2018, expressing his optimism about Dubai’s prospects. He also highlighted Dubai’s competitive advantages, which have enabled it to attract a high volume of FDI that exceeded US$3 billion H1, 2017.
‘Meet the CEO’ event is part of a series of press events organised by GDMO for leaders of prominent Dubai-based organisations.
Intra-trade between member states of the Organisation of Islamic Cooperation, OIC, is set to grow by 25 percent by 2025 thanks to a string of measures aimed at consolidating joint cooperation in areas of trade, investment and tourism, according to a report presented by the OIC General Secretariat during the 33rd session of the OIC Standing Committee on Economic and Commercial Cooperation, COMCEC, which kicked off in Istanbul, Turkey, on Monday.
In presenting the report, Assistant Secretary General for Economic Affairs, Ambassador Hameed Opeloyeru, reviewed the latest steps taken in the COMCEC 32nd session to follow up the implementation of OIC-2025 Programme of Action.
The report focuses on the progress recorded in the economic domain and the accomplishments made by the OIC and its institutions active in the economic and commercial fields, namely agriculture, food security and rural development, employment and productivity, intra-trade and investment, tourism development, cooperation in the area of transport, poverty alleviation programmes, infrastructure development and regional integration policies in OIC countries.
The COMCEC ministerial meeting on 22nd November 2017 will focus on the development of trans-border transportation corridor projects in the OIC Member States, given that the sector is among the main priorities of the OIC’s economic cooperation agenda and considered as a major enabler for economic development and competitiveness.
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