Dubai 2015: New strategy Unveiled
A Dubai Strategic Plan (DSP) oulining the economic and social goals for the emirate until 2015 was presented by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Vice President of the UAE and Ruler of Dubai, yesterday. Sheikh Mohammed said that based on the exceptional economic performance of the past years and on expected future global trends, the economic objectives for Dubai for 2015 were to sustain economic growth at a rate of 11 per cent per annum; reach a gross domestic product (GDP) of $108 billion by 2015; and increase GDP per capita to $44,000.
He said to achieve these goals, the focus will be on sectors that the emirate had strong competitive advantage in and those expected to experience future global growth. The sectors of strength, Sheikh Mohammed said, were tourism, transport, trade, construction and financial services; in addition, new sectors with a sustainable competitive edge would also be created.
He also noted the restructuring the economy had undergone in recent years. “The non-oil sectors played a more prominent role in 2006 contributing 97 per cent to GDP, as compared to 90 per cent in 2000, and approximately 46 per cent in 1975. The services sector was the driving force behind economic growth, with a GDP contribution of 74 per cent, mirroring economies of the developed world,” he said. “Our success in diversifying sources of income has compensated for low oil reserves. Our economic development is now supported by an infrastructure that is not directly affected by oil.”
The economic goals, however, are only one component of the DSP, which also outlined the need for social development, better infrastructure, land and environment management, security, justice and safety and pulic sector excellence.
“Under the DSP, initiatives will be launched to ensure nationals are the preferred employees in strategic sectors. These initiatives will be aimed at improving education and skills development. “All nationals will have access to quality education that will include the upgrading of teachers’ qualifications and the curricula to international standards,” said Sheikh Mohammed. (via 7days)
He said to achieve these goals, the focus will be on sectors that the emirate had strong competitive advantage in and those expected to experience future global growth. The sectors of strength, Sheikh Mohammed said, were tourism, transport, trade, construction and financial services; in addition, new sectors with a sustainable competitive edge would also be created.
He also noted the restructuring the economy had undergone in recent years. “The non-oil sectors played a more prominent role in 2006 contributing 97 per cent to GDP, as compared to 90 per cent in 2000, and approximately 46 per cent in 1975. The services sector was the driving force behind economic growth, with a GDP contribution of 74 per cent, mirroring economies of the developed world,” he said. “Our success in diversifying sources of income has compensated for low oil reserves. Our economic development is now supported by an infrastructure that is not directly affected by oil.”
The economic goals, however, are only one component of the DSP, which also outlined the need for social development, better infrastructure, land and environment management, security, justice and safety and pulic sector excellence.
“Under the DSP, initiatives will be launched to ensure nationals are the preferred employees in strategic sectors. These initiatives will be aimed at improving education and skills development. “All nationals will have access to quality education that will include the upgrading of teachers’ qualifications and the curricula to international standards,” said Sheikh Mohammed. (via 7days)
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