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From The Report: Dubai 2018
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Despite persistently low international commodities prices, Dubai saw steady GDP growth of 3.2% in 2017 and is expected to reach 3.5% in 2018, with an increased drive towards consolidating its position as a knowledge-based economy. The issuance of the Dubai Open Data Law and the creation of Smart Dubai are among the flagship initiatives driving this transformation, alongside the portfolio of diversification-oriented projects at the federal level. Not only did 2017 witness the launch of new initiatives, it also saw the advancement of ongoing projects. Dubai recently achieved its first goal on the path towards becoming the global capital of Islamic finance, overtaking the world’s leading financial centres in the listing of sukuk (Islamic bonds) on its exchanges, with sukuk listings in the emirate totalling $52.5bn as of September 2017. The emirate’s aviation sector also continued to expand in 2017, with Dubai International Airport consolidating its position as the world’s third-busiest airport for international passenger traffic.

This chapter contains a viewpoint from Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai; an interview with Abdulla Mohammed Al Basti, Secretary-General, Executive Council of Dubai; and a viewpoint from Theresa May, Prime Minister of the UK.

Articles from this Chapter

Overview

Bright future: Investment and inclusion underpin the transition to a knowledge-based economy
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Despite persistently low international commodities prices, Dubai saw a steady GDP growth of 3.2% in 2017 and is expected to reach 3.5% in 2018, with an increased drive towards consolidating its position as a knowledge-based economy. The issuance of the Dubai Open Data Law and the creation of Smart Dubai are among the flagship initiatives driving this transformation, alongside the portfolio of diversification-oriented projects at the federal level. Achieving Objectives Not only did 2017…

Analysis

A widening reach: GCC member states look to strengthen global trade ties
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For the nations of the GCC, the drop in oil prices highlighted something many already knew – there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade deals and investments being pursued in the US, China and India. Going forward, relationship building is likely to receive even greater focus, with…

Analysis

A widening reach: GCC member states look to strengthen global trade ties
OBG
plus

For the nations of the GCC, the drop in oil prices highlighted something many already knew – there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade deals and investments being pursued in the US, China and India. Going forward, relationship building is likely to receive even greater focus, with…

Viewpoint

Taking stock: Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, on past achievements and the challenges of the next five years
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Viewpoint:Sheikh Mohammed bin Rashid Al Maktoum Over 10 years have passed since I assumed the position of prime minister and vice-president of the UAE. In those 10 years we have launched a number of plans and strategies, led a number of reforms of our government, developed systems to track performance and improve services, encouraged innovation and the application of technology across all sectors, established awards, formed thousands of working teams, held numerous retreats and meetings, and…

Interview

Lasting accomplishments: Abdulla Mohammed Al Basti, Secretary-General, Executive Council of Dubai, on how national targets are progressing
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Interview:Abdulla Mohammed Al Basti How are the achievements of Dubai Plan 2021 (DP2021) being monitored? ABDULLA MOHAMMED AL BASTI: The development of DP2021 was a collaborative effort that involved a large group of stakeholders, both inside and outside the government. The progress we are making towards the plan’s objectives is outlined in the annual report, “Dubai Pulse”, which highlights where we stand on a number of indicators, pinpoints our main accomplishments and explains our…

Analysis

Money management: Activity among the region’s sovereign wealth funds picks up as oil prices stabilise
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The number of sovereign wealth funds (SWFs) operating in the GCC has grown in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in March 2017, according to the Sovereign Wealth Fund Institute (SWFI), representing 38.5% of the global total. Turning A Corner With oil prices remaining relatively low since the middle of 2014, many SWFs have had to reign in investments, pulling money out…

Analysis

Money management: Activity among the region’s sovereign wealth funds picks up as oil prices stabilise
OBG
plus

The number of sovereign wealth funds (SWFs) operating in the GCC has grown in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in March 2017, according to the Sovereign Wealth Fund Institute (SWFI), representing 38.5% of the global total. Turning A Corner With oil prices remaining relatively low since the middle of 2014, many SWFs have had to reign in investments, pulling money out…

Viewpoint

A strategic partnership: Theresa May, Prime Minister of the UK, on strengthening trade and investment between the UK and the Gulf
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Viewpoint:Theresa May One of the prevailing sentiments in all my conversations with leaders since I became prime minister has been this sense that in challenging times, you turn to your oldest and most dependable friends. As the UK leaves the EU, I am determined that we should seize the opportunity to get out into the world and to shape an even bigger global role for my country, to build new alliances but more importantly, to go even further in working with old friends, like our allies here…

Viewpoint

A strategic partnership: Theresa May, Prime Minister of the UK, on strengthening trade and investment between the UK and the Gulf
OBG
plus

Viewpoint:Theresa May One of the prevailing sentiments in all my conversations with leaders since I became prime minister has been this sense that in challenging times, you turn to your oldest and most dependable friends. As the UK leaves the EU, I am determined that we should seize the opportunity to get out into the world and to shape an even bigger global role for my country, to build new alliances but more importantly, to go even further in working with old friends, like our allies here…