Second ‘Dubai Economic Outlook’ forum brings together key public and private sector strategists and policy-makers in wide-ranging debates

Government officials and private sector leaders speaking at the second ‘Dubai Economic Outlook’ (DEO 2012) forum today shed light on the economic growth prospects for Dubai in 2012, emphasising the various drivers, opportunities and strategies to harness potentials for further development and growth.

“Through strategic responses and close co-ordination between the government and the private sector Dubai has steadily built confidence among businesses and residents on the strength and sustainability of its growth. Dubai’s economy returned to positive growth during the last two years,” His Highness Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Economic Sector Committee, President of Dubai Civil Aviation, and Chairman and Chief Executive of Emirates Airline and Group, said in his keynote address at the forum, hosted by the Department of Economic Development (DED) in Dubai.

Sheikh Ahmad cited the strategic role of government-related entities and public-private partnerships in Dubai’s economic resilience and quick response to challenges arising from prevailing global conditions. “Dubai’s government-related entities have once again displayed strong determination and ability to service debt obligations and we have seen ratings upgrades reflecting strong internal revenue generation.”

Sheikh Ahmad also said that Dubai’s infrastructure has reinvigorated growth across the emirate’s traditional sectors such as trade, tourism and logistics, which together accounted for almost 60 per cent of Dubai’s GDP in 2011. Continuous engagement between the public and private sectors will enhance their role and accelerate economic diversification in Dubai.

Speakers at the one-day forum also highlighted the macro-economic and sector-wise trends that Dubai and investors in the emirate can leverage for further growth. Uncertainties resulting from the global downturn and Euro-zone crisis as well as regional developments following from the Arab Spring have underscored the importance of Dubai’s economic vision. The subsequent eastward shift in economic activity and financial flows present vast opportunities for Dubai’s economy and the private sector.
DED launched the Dubai Economic Outlook forum in 2011 to present the macroeconomic and the sector-wise outlook for Dubai’s economy and encourage public-private sector dialogue for economic growth. The forum is part of DED’s commitment to the overall development, policy making and planning in relation to Dubai’s economic matters.

“While the global economy is in transition Dubai is ushering in a series of changes, new economic policies as well as innovative strategies. These changes, along with our fundamental economic strengths, will allow Dubai to play a greater role in global economy while as well achieving our objective of sustainable growth and development. Dubai Economic Outlook provides businesses and policy-makers with an effective platform to design or re-orient strategies in line with the ongoing changes,” said His Excellency Sami Al Qamzi, Director General of the Department of Economic Development.
Held under the theme ‘The Power of Vision – Economic Development in an Uncertain World’, Dubai Economic Outlook 2012 brought the focus on to three key topics: ‘Macroeconomic Outlook’, ‘Restructurings for Development’ and ‘Engines of Growth’. Speakers at the forum also presented outlooks on key sectors such as finance, logistics and transportation, trade, real estate, tourism, and retail, among others.
Their Excellencies Engineer Hamad Buamim, Director General, Dubai Chamber of Commerce and Industry; Marwan Bin Galitha, Director General, Real Estate Regulatory Agency; Mr Khaled Ahmed, Senior Vice President, Economic Zones World; Dr. Nasser Saidi, Chief Economist, Dubai International Financial Centre Authority; and Dr. Mohammad Lahouel, Chief Economist, DED, shared the public sector perspective on the future of Dubai’s economy at the forum.

The sector leaders and analysts who addressed the forum included His Excellency Jamal Majid Bin Thaniah, Group CEO, Dubai World; Dr Marios Maratheftis, Head of Research, Western Hemisphere, Standard Chartered; Dr Farouk Soussa, Chief Economist, Citibank; Mr Trevor Rowe, Executive Chairman, Rothschild Australia; Mr. David Staples, Managing Director, Moody’s; and Dr. Sean Dougherty from the Organisation of Economic Co-operation and Development (OECD).