Dubai set to record 3.1% economic growth in 2021

Dubai set to record 3.1% economic growth in 2021

DUBAI / WAM

Dubai’s Department of Economic Development (Dubai Economy) on Tuesday announced its latest economic outlook according to which it expects the emirate to record a growth of 3.1 percent this year. Spurred by the hosting of Expo 2020, Dubai’s growth is projected to accelerate to 3.4 percent in 2022. HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said: “The bright outlook for growth in the emirate has been made possible by the vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, under whose guidance the government undertook decisive measures to ease the repercussions of global challenges on the economy.”

“’These efforts were accompanied by new legislation and amendments to the investment and residence laws in the country. Cumulatively, these moves revitalised the economy and stimulated a strong flow of local and foreign investment, allowing the emirate to resume its journey of development, diversification and sustainable economic growth. Over the coming years, Dubai promises to be an even bigger global destination for investment and talent and a city that offers exciting new opportunities for businesses,