Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum flanked by Sami Al Qamzi and Minister of Economy Sultan bin Saeed Al Mansouri at Dubai Investment Forum in Dubai on Monday. - Supplied photo (Khaleej Times)
Economic diversification has been driving Dubai's growth by over four per cent annually from 2012 to 2014 despite the slow growth of the global economy, a senior government official said on Monday.
Sami Al Qamzi, Director-General of Department of Economic Development, said a key reason for Dubai's resilience has been the emphasis Dubai places on economic diversification. "Today, Dubai's economy is much more diversified than 2008-2009, and the dramatic transformation of Dubai's economy that started in the early '70s is now entering a new level," said Al Qamzi at the launch of the Dubai Investment Forum.
The highlight of the structural transformation that Dubai underwent over the last few decades is the city's evolution as a trade, investment, services and knowledge hub, said Al Qamzi.
Dubai's state-of-the-art infrastructure and business-friendly regulations, along with a demonstrated ability to adapt to investor needs and changing global economic patterns, have set the emirate apart among regional and international hubs, he said.
"Dubai has the proven capacity to connect trade and people across six continents with the minimum lead time," said Al Qamzi.
"The superior logistics infrastructure of Dubai continues to cut transit times and inventory costs, enabling businesses to focus on growth and expansion into new markets. More importantly, infrastructure development and policy reforms in Dubai clearly address investor needs and encourage public sector participation. Dubai is today at the threshold of a new era of public-private participation in major infrastructure projects, especially in the run-up to the Expo 2020."
The Dubai Investment Forum is a strategic initiative that is part of Dubai's investor outreach and growth plans. The forum is aimed at providing investors with insights on existing, new and emerging investment opportunities across several key growth sectors in the emirate.
Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, who attended the inauguration, commended the importance of communication between investors and government institutions, and lauded the efforts of Dubai FDI in attracting international companies to the emirate of Dubai. Shaikh Maktoum stressed that such meetings support Dubai government's efforts to promote the business sector, drive investment and economic development opportunities and further underline Dubai's position as a global trade and investment hub, and a vital player in the development of the global economy.
The opening session of the Forum on 'Opportunities for Growth, Partnership and Innovation' focused on how Dubai's leadership vision, strategy and investments in current and future infrastructure projects create unique opportunities for growth, partnership and innovation and in making Dubai a pivotal hub in the global economy.
The participants included Hussain Lootah, Director General, Dubai Municipality; Saeed Al Tayer, Managing Director& Chief Executive Officer, Dubai Electricity & Water Authority; Humaid Al Qatami, Chairman, Dubai Health Authority; and. Khalifa Al Zaffin, Executive Chairman, Dubai Aviation City Corporation.
Fahad Al Gergawi, CEO of Dubai FDI, said the Forum seeks to develop a roadmap for investment and economic growth and to help evolve corporate strategies that will further accelerate regional and global capital inflow into Dubai. The forum led to smart solutions to enhance ease of doing business in Dubai, to weather economic challenges and to support future strategies of investors.
"The forum enabled Dubai-based companies to enhance operational efficiencies and secure access to international markets," said Al Gergawi.
"Several direct meetings were held alongside the Forum that brought together investors and government representatives to explore the potential expansion of their businesses beyond Dubai and the optimal means for sourcing required capital for such expansion."
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