Dubai’s GDP expands 3.1% in first half of 2014

Dubai's gross domestic product grew 3.1 per cent in the first half of 2014, reaching Dh170 billion — a total rise of Dh5.1 billion compared to the same period last year.
"Figures confirmed Dubai's continual success in boosting its position as a strategic trade and economic hub on the world's trade map due to its sophisticated infrastructure and efficiency of its logistics facilities,” said Arif Obaid Al Muhairi, Executive Director of the Dubai Statistics Centre.
Other factor which leveraged Dubai's place in world trade are its diversified economic activities, which bolster the competence of its economic performance, he said.
"The government has paid paramount importance to knowledge, as it encouraged the economy that based on knowledge through many programmes and strategies, which are designed to galvanise and empower the existing activities that are based on knowledge,” he reiterated.
Many economic zones specialised in different knowledge aspects have been set up, such as Dubai Academic City, Dubai Internet City, Dubai Media City and Knowledge Village, he said, noting that as well as attracting foreign investments, which contribute to convey and inculcate knowledge in the economy of the emirate.
He said that a report released by Dubai Statistics Centre on Dubai's GDP estimates the activity of the processing industries had achieved 6.3 per cent growth as the added value to the activity in the first half of 2014 stood at Dh23.7 billion, while hotels and restaurants sector grew 4.4 per cent with added value of Dh9.3 billion.
The trade activity continues to surge ahead of other activities in term of share in GDP, which underscores the strategic role of the emirate for trade exchange and re-export in the region. He attributed the achievements to the constructive policy and competitive environment provided by the government for practising business and high standards of logistic services as well as advanced infrastructure.