UAE: Dubai Articles & Analysis

The emirate of Dubai, by virtue of being less generously endowed with hydrocarbons than its regional neighbours, has worked hard over the past several decades to develop a wider, more diversified economic bedrock to power growth. As a result the emirate has several sectors whose growth is not wholly contingent on hydrocarbons revenues, and which continue to prosper in the current environment.

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Rising arrivals should continue to drive growth in Dubai’s tourism sector as a large project pipeline of hotels and resorts moves forward in the run-up to Expo 2020.

Growing recognition among locally based and overseas companies seeking dispute resolution has seen the Dubai International Financial Centre (DIFC) Courts strengthen its position as one of the world’s leading commercial courts.

Dubai launched the Middle East, Africa and South Asia (MEASA) region’s first fintech accelerator in January, as efforts to update the legal framework for crowdfunding activities in the financial sector also make headway.

Last year saw Dubai’s retail space grow by 26,000 sq metres, though revenues could remain muted this year as slower economic growth and a stronger US dollar impact trading.

 

While low oil prices weighed heavily on many of Dubai’s trading partners and neighbours, the emirate delivered a strong economic performance in 2016, buoyed by growth in key non-hydrocarbons segments, which provided an important buffer against external challenges.

Sales of greener vehicles in Dubai look set to rise in the coming years as the government steps up its bid to reduce the emirate’s carbon footprint.