MEED’s Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years
• Major developments to keep Dubai’s growth rate growing by at least five per cent in the coming years
• Tourism sector’s contribution to Dubai’s economy expected to triple to $82bn by 2020
MEED in conjunction with the announcement of Destination Dubai 2020 conference has released a Dubai 2020 report outlining the critical factors shaping the Emirate’s economy in the next six years.
The latest study shows how Dubai’s economy is benefitting from huge private capital inflows leading to the acceleration of infrastructure related growth in the first three quarters of 2014, indicating that strong opportunities exist.
Another critical factor that is shaping the business landscape in Dubai is the expected 5.2 per cent GDP growth at the end of 2014 driven by tourism, transportation, trade and strong recovery in the real estate sector – in addition to completion of major projects and preparations to host the World Expo 2020. By MEED’s estimates, these developments will keep Dubai’s growth above 5 per cent per annum in the coming years.
Dubai’s unrelenting efforts to attract 20 million visitors per year will continue to influence the future, with the tourism sector’s contribution to the economy expected to triple to $82bn by 2020. These form part of Dubai’s vision for tourism for 2020, approved by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
According to the study, critical factors that will have a far-reaching impact on the economy are the fresh investments being targeted for new projects, notably health, education, leisure & culture (which include several major theme parks and cultural schemes). These account for over 50% of $4.6 bn worth of construction projects being tendered in Dubai.
MEED Projects estimates that between 2005 and 2014, 33 per cent of the $175bn worth of contracts awarded were for residential apartments, while mixed-use, industrial and retail projects accounted for 22 per cent. Social infrastructure and transport projects had a 19 per cent share, while 12 per cent and 8 per cent were awarded in the commercial and hospitality sectors, respectively. The remaining six per cent of projects were awarded in the power and water sector.
Organised to provide a comprehensive review of the opportunities in Dubai as part of efforts to deliver key strategic initiatives, the Destination Dubai 2020 conference gathers authoritative speakers and resource specialists who will present on the state of Emirate’s real estate (hospitality, commercial and residential) markets, the road to financing projects tied to Expo 2020, milestones for delivering projects on time, international expertise on delivering major events, and regional economics affecting Dubai’s growth.
“The vision for the World Expo 2020 is extraordinary and inspiring and it is one that MEED enthusiastically supports,” says MEED Events chairman Edmund O’Sullivan. “The opportunities it will create will be comprehensively explored at the conference”. The Destination Dubai 2020 is scheduled to take place on 26-28 January 2015 at the Conrad Dubai Hotel.
MEED says conference attendees will have unrivalled access to insights on the latest government protocol requirements for contractors, consultants and developers and budget allocation for the cross industry $8.8bn worth projects that need to be delivered for the Dubai Expo 2020. In addition, participants will benefit from understanding the legacy plans being developed to sustain Dubai beyond 2020.
Detailed information on the conference agenda as well as the line-up of regional and international experts invited to present key insights are available at www.destinationdubai2020.com.