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Dubai economy forecast to grow by four per cent in 2015

Emirate seeks to develop a growth model based on innovation and productivity

The economy of the emirate of Dubai grew by more than four per cent on average over the past four years and is forecast to post a similar growth rate this year, according to a senior official.

Dubai proved that it has a solid economy, which has managed to withstand the shocks that have hit the global economy in the past few years, said Sami Al-Qamzi, director of the Department of Economic Development in Dubai.
He added that initial estimates indicate that the emirate’s economy will grow by four per cent by the end of this year.

The official stressed that Dubai has become a key player in major aspects of the global economy and seeks to be one of the most important global hubs for trade, transport, finance and tourism.

According to Al-Qamzi, Dubai seeks, through its 2021 scheme, to develop a growth model based on innovation and productivity.

He said that the emirate relies on a diversified base of value-add economic activities, which act as a buffer to withstand external shocks.