Dubai economy statistics

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Read more about 'Our Story'. Read more about 'Get Data'. Regulations Read more about the regulatory frameworks that inform our work, mould our mission and guide our partners. Read more about 'Regulations'. Get Involved Join our data community, become a data champion or submit a data challenge for us to address. Read more about 'Get Involved'. Upgrade Your Skills Build your data skills to address business challenges, boost your career or become a data scientist. Read more about 'Upgrade Your Skills'.Located in the eastern part of the Arabian Peninsula on the coast of the Persian GulfDubai aims to be the business hub of Western Asia.

Many theories have been proposed as to origin of the word "Dubai". One theory suggests the word was used to be the souqwhich was similar to the souq in Ba. The history of human settlement in the area now defined by the United Arab Emirates is rich and complex, and points to extensive trading links between the civilisations of the Indus Valley and Mesopotamiabut also as far afield as the Levant.

The area was known to the Sumerians as Maganand was a source for metallic goods, notably copper and bronze.

dubai economy statistics

The area was covered with sand about 5, years ago as the coast retreated inland, becoming part of the city's present coastline. Dubai is thought to have been established as a fishing village in the early 18th century [26] and was, bya town of some — members of the Bani Yas tribe and subject to the rule of Sheikh Tahnun bin Shakhbut of Abu Dhabi.

Infollowing tribal feuding, members of the Al Bu Falasah tribe seceded from Abu Dhabi and established themselves in Dubai. The exodus from Abu Dhabi was led by Obeid bin Saeed and Maktoum bin Buttiwho became joint leaders of Dubai until Ubaid died inleaving Maktum to establish the Maktoum dynasty.

Dubai signed the General Maritime Treaty of along with other Trucial Statesfollowing the British punitive expedition against Ras Al Khaimah ofwhich also led to the bombardment of the coastal communities of the Persian Gulf.

This led to the Perpetual Maritime Truce. Dubai also — like its neighbours on the Trucial Coast — entered into an exclusivity agreement in which the United Kingdom took responsibility for the emirate's security in Ina smallpox epidemic broke out in the Bur Dubai locality, forcing residents to relocate east to Deira.

Dubai's Plan to Outlive Oil

The conflagration consumed half the houses of Bur Dubai, while the district of Deira was said to have been totally destroyed. The following year, more fires broke out.

A female slave was caught in the act of starting one such blaze and was subsequently put to death. InMaktoum bin Hasher Al Maktoum established Dubai as a free port with no taxation on imports or exports and also gave merchants parcels of land and guarantees of protection and tolerance.

These policies saw a movement of merchants not only directly from Lingeh, [30] but also those who had settled in Ras Al Khaimah and Sharjah which had historical links with Lingeh through the Al Qawasim tribe to Dubai.

An indicator of the growing importance of the port of Dubai can be gained from the movements of the steamer of the Bombay and Persia Steam Navigation Company, which from to paid five visits annually to Dubai. In the company's vessels made 21 visits to Dubai and from on, [31] the steamers called fortnightly — intrading seventy thousand tonnes of cargo.

The 'great storm' of struck the pearling boats of Dubai and the coastal emirates towards the end of the pearling season that year, resulting in the loss of a dozen boats and over men. The disaster was a major setback for Dubai, with many families losing their breadwinner and merchants facing financial ruin. These losses came at a time when the tribes of the interior were also experiencing poverty.

In a letter to the Sultan of Muscat inButti laments, 'Misery and poverty are raging among them, with the result that they are struggling, looting and killing among themselves. Dubai's geographical proximity to Iran made it an important trade location. The town of Dubai was an important port of call for foreign tradesmen, chiefly those from Iran, many of whom eventually settled in the town. By the beginning of the 20th century, it was an important port.

With the collapse of the pearling industry, Dubai fell into a deep depression and many residents lived in poverty or migrated to other parts of the Persian Gulf. In the early days since its inception, Dubai was constantly at odds with Abu Dhabi.

Ina border dispute between Dubai and Abu Dhabi on the northern sector of their mutual border escalated into war. Despite a lack of oil, Dubai's ruler fromSheikh Rashid bin Saeed Al Maktoumused revenue from trading activities to build infrastructure. Private companies were established to build and operate infrastructure, including electricity, telephone services and both the ports and airport operators.

This was followed by the Ambassador and Carlton Hotels in The city is an important trade and tourist destination with its port JebeL Ali operates at the centre of export trade in the Middle East. These figures explain why Dubai has had to become a more dynamic and diversified economy in order to survive the decline of fossil fuels.

Being one of the favorite tourist destinations in UAE, Dubai has seen a tremendous change in its economy in the past 50 years or so. Some of the major investments in Dubai have been largely affected due to the recession that hit the global market in the recent past. Even though Dubai's economy was built on the back of the oil industry, most of the city's banking and financial centers headquartered in the port area and service industries got largely affected as Dubai's property market faced a major downturn during as a result of the global economic slowdown.

Most of its ongoing projects along with the jobs of the expatriates got hit as a result. Dubai has also established itself as an international tech hub that services industries such as Finance and IT. With a promising growth rate of 6. Dubai has excellent trade relations with multiple countries which aids its economy. In recent times tourism has emerged as an important driver of GDP. Dubai welcomed Dubai has also surfaced as the shopping capital of the Middle East, thanks to its diverse souks, over malls and innumerable shopping centres.

Dubai has won the bid to host the most awaited Expowhich will give an amazing boost to its economy, and is expected to create overjobs. Dubai Economy. The economic changes that have transformed Dubai into the city it is today. Recommended Activities.Creating and maintaining a sustainable and diversified economy is a component of ' United in Knowledgea pillar of Vision Vision states: By the yearThe UAE will benefit from a sustainable and diversified economy, flexible in adopting new economic models, and capitalising on global economic partnerships to guarantee long-term prosperity for current and future generations of Emiratis.

Developing a ' competitive knowledge economy ' is one of the pillars of National Agenda in line with Vision The Government is focusing on the UAE becoming the economic, touristic and commercial capital for more than two billion people. They are:. Before the discovery of oil in the s, the region's economy was driven mainly by nomadic farming, date palm cultivation, fishing, pearling and seafaring.

The following table shows the contribution of the economic sectors in the GDP for at real prices of Economic sector. Sector contribution to the GDP for in per cent. On the level of economic diversification and the relative importance of economic activities in the GDP, preliminary estimates indicate that the GDP estimates at current prices of the non-oil sectors amounted to about AED billion, a growth rate of 3.

Dubai Economy

Despite recent fluctuations in oil prices and the global economic recession, the UAE enjoyed a stable economy. Some of the features of the UAE's economy are:. Thousands of Chinese businesses use Dubai as a hub for trading in Africa. Indian traders use the emirate to access the world.

Latin Americans see the country as a launching platform into South Asia. Western nationals use Dubai as a hub for the Middle East.

The UAE maintains strong financial reserves and has a durable banking sector, which makes it safe for investment.

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The current account surplus would grow from USD Government spending on infrastructure continues to receive a major injection of capital. Abu Dhabi continues to develop the infrastructure required for one of the wealthiest cities in the world. Dubai is implementing new projects for hosting World Expo in ; AED 30 billion will be spent on infrastructure at the Expo site and the city. The UAE plans to spend AED six billion on major infrastructure developments across the country, including road networks and federal buildings.

Khalifa Initiative in the Northern Emirates is designed to ensure that inhabitants of these emirates enjoy the same facilities as those living in the larger emirates of Abu Dhabi and Dubai.

The UAE is also working on the Etihad Rail project, which will offer a significant leap in land transport by year The policy of economic diversification has led into impressive development in key sectors such as tourism, air transport, trade, financial services, manufacturing and alternative energy. The UAE has made progress towards ending its economic dependence on hydrocarbons. Oil industries accounted for around 30 per cent of GDP indown from 79 per cent in There are about 45 free zones in the UAE.

Dubai Economy

According to a report in Gulf Newsfree zones contributed to 33 per cent of the UAE's non-oil trade in The UAE was ranked first among the countries most attractive to foreign direct investment in the Middle East and Africa region. Gross assets of banks in the UAE increased by 6. Gross credit expanded by 4.

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According to the IMD World Competitiveness Yearbookthe UAE is ranked 1st regionally a nd 7th globally among st 62 countries reviewed for their capability to manage their resources for long-term value creation. Ease of doing business World Bank Report. It was ranked 1st globally in getting electricity, 2 nd in paying tax, 5 th in dealing with construction permits, 7 th in registering properties, and 9 th in enforcing contracts. Related links:. The UAE has developed several strategies to promote its overall economic and social position and diversify its national income based on a sustainable and knowledge-based economy.

Read about it under strategies and plans. The UAE Government has recognised the importance of the Islamic economic sector, driven by the increase in the global Muslim population that numbers approximately 1. According to the third edition of the Global Islamic Economy Indicator GIEIwhich measures the strength of the Islamic economy for 73 countries, across supply and demand drivers, governance, awareness and social considerations, the UAE was ranked second after Malaysia and took the first position in 5 sectors.In the following 4 chapters, you will quickly find the 32 most important statistics relating to "United Arab Emirates".

The most important key figures provide you with a compact summary of the topic of "United Arab Emirates" and take you straight to the corresponding statistics. Feel free to contact us anytime using our contact form or visit our FAQ page. We use cookies to personalize contents and ads, offer social media features, and analyze access to our website. In your browser settings you can configure or disable this, respectively, and can delete any already placed cookies.

Please see our privacy statement for details about how we use data. Single Accounts Corporate Solutions Universities. Popular Statistics Topics Markets Reports. Published by H. PlecherDec 8, The population of the UAE amounts to around 10 million, with the vast majority living in urban areas and cities.

The fertility rate has decreased from 2.

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However, at present, around 85 percent of the population are between the ages of 15 and 64, with only around 1 percent of the population being aged 65 or older. The country is also known to have a large expatriate population. The economy of the United Arab Emirates is reliant on oil, which accounts for the majority of its exports.

The industrial sector composes around 55 percent of total gross domestic product generated in the UAE. The economy has been impacted by lower oil and gas prices and growth has decreased somewhat in the past few years, however growth is expected to stabilize over the next few years, after a dramatic slump in While the country is making attempts to diversify its economy beyond oil, the economy is expected to remain strong for the foreseeable future.

This text provides general information.

dubai economy statistics

Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text. Interesting statistics In the following 4 chapters, you will quickly find the 32 most important statistics relating to "United Arab Emirates". Statistics on the topic. United Arab Emirates: Estimated total population in million inhabitants.

Population Estimated total population of the United Arab Emirates National finances National debt of United Arab Emirates Go to report. Important key figures The most important key figures provide you with a compact summary of the topic of "United Arab Emirates" and take you straight to the corresponding statistics.It was developed as a resource for support, information and outreach for the growing small and medium enterprise sector.

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UAE forecast to enter a faster economic growth trajectory in 2020

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dubai economy statistics

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Privacy and Security Policy. Site Map. Integrated Management System Policy. Customer Happiness Charter. Connect with us. Download Our App.Following the Article IV consultations, the IMF team headed by Koshy Mathai concluded that the economy is on a recovery path and likely to pick up more momentum next year, helped by Expo and existing fiscal stimulus.

The IIF is optimistic on the modest but sustained recovery of the economy, supported by strengthening credit growth and improvement in the banking sector liquidity. Real estate prices have been falling since latemainly due to oversupply and weaker consumer sentiment in the context of prolonged low oil prices.

Additionally, foreign buyers have been discouraged by the sharp effective appreciation of the dirham in recent years and escalation of geopolitical tensions. Various independent studies in recent months have indicated that business confidence in the UAE is on the rise supported by a stable economic outlook in the medium term, as preparations for Expo Dubai ramp up. Firms were positive that new strategies and greater investment ahead of Expo would lead to higher levels of activity.

Although the UAE is expected to have modest fiscal deficits this year and the next, the current accounts are forecast to remain in positive territory. The current account surplus, while narrowing, will remain sizeable. Corporate issuance to refinance existing loans and bonds that mature in and will remain sizeable.

The IIF observed that the UAE authorities have set clear goals for encouraging diversified and knowledge-based growth and are implementing a broad range of policies to achieve their goals.

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It said privatising non-strategic GREs and enforcing competition laws and regulations on all entities would improve efficiency and raise productivity. Economists say sustaining robust non-oil growth after Expo remains a key priority, especially in the context of the likelihood that global oil demand will slow in the face of technological advances as well as policy responses to climate change. To address the medium term challenges, the IMF team discussed two key policy priorities such as promoting the growth of the non-oil private sector, including small and medium enterprises SMEs ; and strengthening fiscal frameworks to ensure both sufficient saving of oil wealth for future generations and smoothing of short-term fluctuations.

Commending the work already done by the UAE, the IMF team observed that the authorities have already taken a number of important steps, including adopting a foreign direct investment FDI law allowing per cent foreign ownership in selected sectors, and reducing or eliminating fees and penalties.

The mission recommends establishing a single agency responsible for SME promotion, with any possible costs to the budget recorded transparently. The IMF reiterated its call for establishing medium term fiscal framework rather than short term boosts through government spending.

The team observed that a fiscal framework is needed that enshrines a commitment to savings, which are currently below the level required to preserve wealth for future generations. Going forward, the UAE should have longer term fiscal plans rather than short term boost in government spending to support growth. Welcoming the fiscal policy measures already taken by UAE authorities, the IMF mission observed that frameworks should be centred around long-term fiscal anchors, while allowing the flexibility to smooth short-run oil price fluctuations as well as the non-oil business cycle.

You can manage them any time by clicking on the notification icon. Thursday, April 16, All Sections. The IIF has also forecast the growth momentum picking up further through Sign up for Coronavirus Newsletter. Latest local and global Coronavirus news directly to your inbox. More From Business.

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