During his participation in the first session on Global Economic, Outlook, Impact on KSA and the Role of Private Sector, H.E. Buamim spoke about the UAE and Dubai’s experience in economic diversification, the country’s post-oil strategy, and the role of the private sector in its successful partnership with the public sector.
“The diversification of the economy away from oil is the main economic strategy of the UAE as H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, recently launched the ‘UAE Beyond Oil’ strategy, which reflects the vision of the country’s economic diversity strategy, especially since oil contributed only 30% of the AED 1.5 trillion economy in 2015 whereas the oil sector accounted for 70% of the country’s GDP during the seventies of the last century. Efforts are currently on to further reduce the contribution of oil in the coming period,” said H.E. Buamim.
He added, “The emirate’s efforts have been strengthened with the launch of the Dubai Plan 2021 that serves as a roadmap to transform the emirate into a leading hub of the global economy, and one of the most important business centres in the world. We find that the oil sector is currently contributing only 2% of the GDP of the emirate, while the sector accounted for 55% of the GDP of Dubai in 1981.
“Trade, tourism, logistics and financial sectors constitute the pillars of the emirate's economy. Dubai is ranked third globally in the re-export arena. Wholesale and retail trade contributes about 30% of the GDP of Dubai. Saudi Arabia ranked as Dubai’s fourth largest trading partner in the world, and the first among the GCC countries,” said H.E. Buamim.
“Dubai’s total foreign non-oil trade valued at AED 44.65 billion in the first nine months of the year 2015. The tourism sector in the emirate received 14.2 million tourists during the year 2015, which included more than 1.5 million Saudi tourists. The emirate is now focused on its ambitious plan to receive 20 million tourists by the year 2020 when it hosts the World Expo 2020 and has also added new sectors and announced its intention to become the global capital of Islamic economy. Within a short period, Dubai has attained the first ranking globally in attracting Islamic instruments with the total listed Islamic bonds in Dubai’s markets reaching AED 135 billion in 2015,” he said.
In conclusion, the President and CEO of Dubai Chamber said that the achievements of the UAE and that of Dubai is the outcome of several factors including the successful partnership between the public and private sectors, implementation of government policies and laws that create a favourable business environment, most notably the Commercial Companies Law which was enacted to strengthen the competitive atmosphere, enhance investor confidence and protect the private sector to strengthen its role in economic development.
Also the country’s advanced infrastructure that is considered the most developed in the region, the flexibility of the UAE commercial markets, and facilities for active trade movement to the world, as well as the atmosphere of security and economic stability have all helped to boost investor confidence, playing a key role in protecting the private sector from possible external crises impacts, he added.
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