According to the Federation of GCC Chambers of Commerce and Industry, UAE’s economy will attain the level of around Dh1.4 trillion at current prices this year to maintain its position as the biggest Arab economy after Saudi Arabia.This would mean that the UAE will account for over a fifth of the combined gross domestic product (GDP), of the GCC, forecast at around $1.5 trillion, its highest ever.
In nominal GDP terms, the predicted figure highlights a rate more than 12 per cent when compared to the economy size at Dh1.248 trillion last year.Between 2012 and 2015, there is a good chance that the real GDP growth in the UAE is going to increase to an average yearly rate of 5.2 per cent. Strong growth is expected in 2014 and 2015 due to the finishing of infrastructure projects.There is also going to be a rise in oil production in 2014-15, reaching a figure of 2.8 million barrels per day.
GCC Chambers of Commerce and Industry believes that with its central location, supportive economy and distinguished lifestyle, Dubai has taken the position as a preferred business and residential destination in the region.What makes Dubai such a good option is the fact that it is not only the fastest growing city in the world but also one of the safest as well.
At this point of time, everyone is watching closely how Dubai is going to tackle global trends to sustain growth. And signs are that Dubai is re-inventing itself, offering more reasons for businesses and people to be in Dubai.Last year, Dubai attained the top spot in the CB Richard Ellis report “Top 20 Cities for Retail”. In terms of statistics, Dubai is the third biggest export hub and has the fourth biggest airport in the world at present.