Economy
From The Report: Dubai 2020
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Dubai has traversed some challenging economic territory over recent years. Political tensions in the region, the 2007-08 global financial crisis and a prolonged decline in oil prices from late 2014 are together exerting downwards pressure on the emirate’s economic expansion. However, stable oil prices and the economic stimulus of Expo 2020 have eased this strain in 2019, and business sentiment has improved accordingly. With the long-anticipated Expo 2020 set to take place beginning on October 20 of that year, attention is already turning to the question of how the emirate will sustain its current economic momentum over the medium term. This chapter contains interviews with Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry; and Sami Al Qamzi, Director-General, Department of Economic Development.
Articles from this Chapter
Open for trade: Strong economic tailwinds and an increased budget are encouraging signs in the lead-up to Expo 2020
Legacy project: Strategic preparation and infrastructure development positions Expo 2020 to bring benefits beyond the end of the gatheringOBGplus
Dubai’s hosting of the 173-day Expo 2020 has functioned as both an economic stimulus and strategic focal point for years. Having spurred investment in the emirate since 2013, most observers agree that the commencement of the long-anticipated event will provide a useful fillip to several economic sectors. The larger question, however, is on the event’s long-term impact. This is also a concern of some of the world’s major rating agencies. “We expect to see a pick-up in growth during…
Ten years ahead: Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry, on reform-driven economic growth and Dubai’s role in the Belt and Road InitiativeOBGplus
Interview:Hamad Buamim How are recent reform measures expected to drive Dubai’s international competitiveness? HAMAD BUAMIM: The continuation and expansion of Dubai’s stimulus plans in early 2019 were natural steps, considering the government’s increased focus on improving the ease of doing business and supporting the growth of small and medium-sized enterprises (SMEs), which represent more than 90% of companies in the emirate. The first quarter of 2019 saw the rollout of 10-year residency…
Continuous improvement: Sami Al Qamzi, Director-General, Department of Economic Development, on increasing competitiveness to attract capital and talent for Dubai’s future plansOBGplus
Interview:Sami Al Qamzi How is Dubai working to maintain its competitiveness as a global business hub? SAMI AL QAMZI: Dubai has strong economic foundations that make it a preferred location for more than 70% of Fortune 500-listed companies and contributed to its rank of 11th out of 190 countries in the World Bank’s 2019 ease of doing business index. We have now embarked on a new phase to make competitiveness an integral part of government work, implementing a number of policy initiatives…
A sleek strategy: The Dubai Silk Road strategy outlined in mid-2019 aims to capitalise on the emirate’s trade and logistics infrastructureOBGplus
According to the World Shipping Council, Dubai’s Jebel Ali is the 10th-busiest container port in the world, handling nearly 15m twenty-foot equivalent units (TEUs) in 2018. Developed in the 1970s, the facility is now the globe’s largest man-made harbour and the biggest port in the Middle East. It is the only port in the World Shipping Council’s top 10 located outside South Asia, a list dominated by China’s massive transport infrastructure – the largest of which is Shanghai, with…
Talent map: Changing global migration patterns bring both challenges and opportunities for the developing worldOBGplus
As the world’s nations and businesses become increasingly interconnected, so too does the flow of global migration. In 2018, according to the OECD’s “International Migration Outlook 2019”, around 129m people lived in an OECD country that they were not born in, and more than 5.3m foreign-born persons were permanently settled in OECD countries. This flow of people not only brings benefits to the lives of the migrants, but also contributes significant economic opportunities to individual businesses and states. Despite this, public opinion in many countries is turning against migration, with increasing numbers of states implementing…
Talent map: Changing global migration patterns bring both challenges and opportunities for the developing worldOBGplus
As the world’s nations and businesses become increasingly interconnected, so too does the flow of global migration. In 2018, according to the OECD’s “International Migration Outlook 2019”, around 129m people lived in an OECD country that they were not born in, and more than 5.3m foreign-born persons were permanently settled in OECD countries. This flow of people not only brings benefits to the lives of the migrants, but also contributes significant economic opportunities to individual businesses and states. Despite this, public opinion in many countries is turning against migration, with increasing numbers of states implementing…
Shifting trade winds: Regional integration among emerging economies and a raft of new multilateral agreements bolster international tradeOBGplus
Global trade faces protectionist headwinds that are dampening the outlook for growth in the coming years. According to the World Trade Organisation (WTO), trade volumes grew by 3% in 2018 and are expected to decline slightly to 2.6% in 2019 before rebounding to 3% in 2020. This may be the first time since the 2007-08 global financial crisis that growth will fall below a 3% average, as significant uncertainty driven by an escalating US-China tariff war, acrimonious Brexit negotiations, and wariness surrounding US involvement in several multilateral trade agreements affect business confidence and investment decisions. Nevertheless, although…
Shifting trade winds: Regional integration among emerging economies and a raft of new multilateral agreements bolster international tradeOBGplus
Global trade faces protectionist headwinds that are dampening the outlook for growth in the coming years. According to the World Trade Organisation (WTO), trade volumes grew by 3% in 2018 and are expected to decline slightly to 2.6% in 2019 before rebounding to 3% in 2020. This may be the first time since the 2007-08 global financial crisis that growth will fall below a 3% average, as significant uncertainty driven by an escalating US-China tariff war, acrimonious Brexit negotiations, and wariness surrounding US involvement in several multilateral trade agreements affect business confidence and investment decisions. Nevertheless, although…
