Dubai is one of the most progressive and wealthy cities in the world with a huge population of millionaires and billionaires residing in the city. The job opportunities are plenty in Dubai with the ever growing job sector and businesses. But the city is always thriving to achieve a better economic growth and what better way to achieve this than working towards the development of its key sectors like real estate and tourism. The Economic Development Committee of Dubai chaired by Sheikh Ahmed bin Saeed Al Maktoum, has declared that the city is forecasted to show a much higher development in the coming years and that apart from the overall economic development the selective development in real estate, tourism and manufacturing sectors will help in taking economy forward. The estimated growth rate in the coming year has been declared to be around 3.6 percent by Sami Al Qamzi who is the director general of Dubai Economy. Investments especially those in preparations for Expo 2020 are the main triggering factor for the economic growth in the upcoming year. The non-oil growth is estimated to increase by 3 % or more.
As is estimated by economists at the IMF and the Bank of America Merrill Lynch. These forecasts may not always be accurate and can be inconsistent over a short term but these do help in setting up of economic policies and have proven to be useful over the long run. There are lots of measures that the city has taken to ensure that it can successfully rebound from its 2008 financial crisis by communicating with key stakeholders. Not only that they have formed several policies such as Dubai Industrial Strategy 2030 which predicts that promoting six key industry sub-sectors will help add to the emirate’s GDP by 2030. One of the key sector among them is the manufacturing sector which is estimated to grow by 3.3 and 4.1 percent in this year and coming year respectively. Thus it is of utmost importance that one can achieve economic transparency and continuously thrive for its betterment.
