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NAFL Directory 14-02-2018 LR

Economic Overview

Economic Overview NAFL-Yearbook 2018 The total value of Dubai's trade in non-oil goods was AED1.28 trillion in 2016, but its trade balance has been characterized by a permanent deficit as Dubai is a global hub for global and regional trade. Dubai's imports are much more than its total exports as most imports are transported to other emirates and to neighbouring countries without them being registered as re-exports. Dubai's unique geographic location as a link between Asia and Europe, as well as its excellent cargo and air transport links and free zones, make it an a ttractive location for i n t e r n a t i o n a l c o m p a n i e s t o participate in Global Value Chains, GVCs. Total FDI into Dubai stood at AED270.8 billion between 2011 and 2015 and in 2016, the emirate ranked seventh among the world leading cities attracting AED25.5 billion in FDI. As an open economy, Dubai is affected by global trends, but FDI receipts are expected to recover in 2017-2018. | 333 The wholesale and retail trade sector was the largest sector attracting FDI, accounting for 38.2% of the total in 2015, followed by the finance and insurance sector 22.1%, and the real estate sector 21.7%. Dubai's real GDP grew to AED376.8 billion in 2016, up 2.9% from 2015. The Government of Dubai has in recent years adopted a fiscal policy to rationalise public spending by reducing budget deficit as a percentage of GDP from 2% in 2010 to 0.4% by 2013. Dubai has since maintained balanced accounts in 2015 and 2016 following which the g o v e r n m e n t a d o p t e d a n expansionary fiscal policy to stimulate the economy. The emirate's success in reducing the budget deficit helped stabilise macroeconomic factors and resume growth in various sectors, especially banks, financial markets, trade, tourism and real estate. Foreign investment has helped turn Dubai into a global shopping and tourism destination. Gross fixed capital formation in wholesale and retail trade was AED17.1 billion between 2013 and 2015 and total investment in the sector was AED76 billion between 2011 and 2015. A labor-intensive but relatively low |

NAFL-Yearbook 2018 Economic Overview wage sector, wholesale and retail ranked 7th in terms of productivity in Dubai. The manufacturing sector added AED35.7 billion in 2016 - 9.5% of GDP - and employed 250,854 workers in 2015. It is the fourth largest sector in terms of value added and employment in the economy. The value added per worker amounted to AED142,000 in 2015, 10th compared to other sectors. The related and smaller industrial sectors, such as mining, quarrying, electricity, steam and gas generation that have high levels of capital per worker, ranked first and second in terms of productivity, at AED1.42 million and AED910,000 respectively in 2015. The manufacturing sector saw a rebound in growth in 2016 with real output growing at 3.4%, higher than the real GDP growth rate of emirate in the same period. | 333 The expo is expected to create 270,000 new jobs and attract around 25 million visitors to Dubai. Aggregate demand will be boosted by an additional AED15 billion expected to be spent on roads and t r a n s p o r t f o r E x p o 2 0 2 0 i n government projects. The Dubai budget for 2018 has allocated AED5 billion for 2018 and an equal amount for 2019 too. Dubai's tourism sector will also benefit from Expo 2020 as the hotel and restaurant sector will generate additional revenues during the event period. The wholesale and retail sectors also stand to gain. Overall, the high rating received by the UAE is a proof of the country's economic flexibility in terms of domestic capital mobilisation and FDI attraction. |

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