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Trade, Not Real Estate, Drives Dubai’s Economy

Lieutenant-General Dhahi Khalfan Tamim, also Commander-in-Chief of Dubai Police, highlighted the figure to allay concerns about the state of the emirate’s economy.

He said the share of the trade sector has risen to 35.5 per cent of the GDP while real estate represented only 8 per cent. “Indicators showed that trade represents 35 per cent of the total GDP of 2009 which refutes the allegation that the real estate sector is leading the emirate’s economy,” Tamim said, speaking on Nour Dubai Radio.

However, he predicted a shift in focus for the real estate sector in the country.

“I am optimistic that development projects will move from Dubai emirate to Abu Dhabi emirate for the next coming years after Dubai had led the development during the past ten years, the thing which have had positive effects on the development process in Dubai and the UAE.”

Tamim strongly denied rumours about Dubai, including government job cuts, saying staff strength in the government has risen from 45,000 to 65,000 in the past three years.

He said there is need for transparency and all facts have to be presented.

“As many as 59 per cent of those who discussed the scheduling of the loans of Dubai World on websites had supported the Dubai government policies and their successful experiment,” he said.

amira@khaleejtimes.ae

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