UAE - Mubasher: Dubai's economy is expected to record a growth rate of 3.1% in 2021 and 3.4% in 2022, driven by several factors, including the convention of Expo 2020 Dubai, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced on Tuesday.
Dubai's expected economic growth is also attributed to the measures taken by the emirate to curb the coronavirus (COVID-19) outbreak and amendments to the UAE's investment and residence laws, according to a press release on Tuesday.
In addition, Dubai has launched five successive stimulus packages worth AED 7.1 billion, equivalent to more than 1.6% of the GDP, from March 2020 to September 2021.
Because of the impact of Expo 2020 on economic activities, the accommodation and hotel services sector is forecast to increase by 8.5% year-on-year (YoY) in 2021, while the transport, storage, and communications sector would rise by 4.1%.
In the meantime, the wholesale and retail trade is expected to grow by 4.7% in 2021.
However, the construction sector would decline by 2% this year, when compared to 2020.
Sheikh Hamdan said: "Dubai's position as a global economic capital has been supported by clear goals, flexibility, and speed in responding to changes, as well as consistent legislative development. We have created an attractive investment environment for creative energies who match our ambitious path."
