Dubai’s Economic Acceleration
While the economic is growing in Dubai, attempts are being made at enhancing its “humanitarian” efforts. At the recent AMF (Arab Media Forum), now in its 15th year, Princess Haya Bint Al Hussain (the UAE’s PM’s wife), commented that, “amidst the political and social disturbances, the humanitarian aspect has been marginalized.” This year the theme was “Media for Good,” and the conference – that took place earlier this month – was held at the Dubai World Trade Centre.
Still, despite Dubai’s issues in the social, political, and humanitarian sectors, economically it is thriving. The IMF has said that the region has encountered a distinct decline in in oil prices and actually the political ambience has stabilized somewhat. Indeed, because of this Emirates Airline was able to report a 56 percent increase in net profit due to the lowered fuel bill.
Further the Dubai Association Centre (DAC) – whose membership in the first quarter of 2016 substantially expanded – recently said its total number of issued licenses now stands at 23, representing a 44 percent increase within three months. According to Steen Jakobsen, Dubai Business Events Director, “In Dubai’s transformation into a knowledge economy, the presence of international associations play an important role. Associations drive education, training and research, and they offer a platform for experts and scientists to network and exchange knowledge.” Echoing this sentiment, Atiq Juma Nasib, Senior VP of Commercial Services at Dubai Chamber said that it was “commendable” how the DAC had bolstered Dubai turning it into a “focal point for professional associations.” The UAE he said has the right “geographical location and advanced infrastructure,” which “offer[s] the right foundation for continued growth,” while working in tandem with Dubai’s Strategic Plan 2021.
Now, 2016 has gone through a bit of a stagnation period, but this is just a minor blip and once that is over with, it is likely Dubai will experience more than a 5 percent yearly growth, IMF’s Mission Chief Zeine Zeidane said. There is work to be done with the construction industry that has encountered a shortcoming but with the weakened dollar and strong performance of trading partners like India, the economy is still thriving.