Dubai economy grows 2.7% in 2016, faster growth expected in 2017

Dubai’s economy grew 2.7 per cent in real terms last year despite declining oil prices and sluggish global trade, His Highness Sheikh Ahmed Bin Saeed Al Maktoum has announced.

This compared to growth of around 4 per cent seen the previous year.

The president of Dubai Civil Aviation, chief executive of the Emirates Group and chairman of the Economic Development Committee said the emirate would announce its economic outlook twice a year in January and October from now onwards.

“Real economic growth has averaged 5 per cent a year, while the importance of non-oil economic activities has grown steadily. Our efforts at economic diversification continue unabated with a target of increasing the contribution of the non-oil sectors to UAE GDP from 70 per cent today to 80 per cent during the next 15 years,” Sheikh Ahmed said, according to state news agency WAM.

He added that the emirate’s economy was expected to grow 3.1 per cent in 2017.

A recent report by local bank Emirates NBD showed improving private sector business conditions in Dubai in December but job creation remained subdued.

Read: December business conditions improve in Dubai but little job growth