Keynote address by
His Highness Sheikh Ahmed Bin Saeed Al Maktoum,
Chairman of the Dubai Economic Sector Committee,
President of Dubai Civil Aviation and Chairman and CEO of Emirates Group
Dubai Economic Outlook 2012 Forum
Ladies and gentlemen
I am indeed delighted to see leaders from the public and private sectors in Dubai coming
together at this forum today to tell the world where Dubai stands in the emerging global
economic picture.
Dubai Economic Outlook 2011 was a giant step forward in energising economic activity in
Dubai and reassuring investors and businesses worldwide on the growth potential in the
emirate.
Less than a year from that forum we are witnessing optimism growing and economic
activity gaining new momentum in Dubai.
I congratulate the Department of Economic Development for launching this strategic
seminar programme and living up to their promise of making it an annual event.
Dubai Economic Outlook has undoubtedly advanced public-private sector dialogue and
provided a single platform to showcase the strengths of Dubai in terms of policies,
practices and prospects.
The strategic objectives of Dubai can only be achieved through such dialogue and
communication
Ladies and gentlemen,
A strong focus on economic diversification and enabling growth has been the
cornerstones of Dubai’s economic policy ever since a visionary leadership took control of
shaping the emirate’s destiny in the past millennium.
Through the next few decades, Dubai was able to create unique economic opportunities
and attract the best of entrepreneurial and business leadership, with a strong
commitment to free market, fair competition and economic diversification.
In spite of the difficulties Dubai had experienced, particularly in 2009 and early 2010, its
strategy of creating new opportunities through diversification has succeeded in bringing
about economic prosperity and stability.
Economic activity and prosperity in Dubai has traditionally been centred on the trade,
logistics and tourism sectors.
We see these sectors firmly in the driving seat once again, supported by an unrivalled
infrastructure, global enterprises and growing reputation as an international
destination.
Together, trade, logistics, transportation and tourism accounted for almost 60 per cent of
Dubai’s GDP in 2011.
As you well know, these sectors have recently experienced vigorous growth, as
demonstrated by the buoyancy in tourism and hospitality and the substantial increase in
passenger traffic through Dubai International Airport in 2010 and 2011.
The financial sector in Dubai has also remained resilient and robust, in spite of the real
estate lending challenges.
Ladies and gentlemen,
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, albeit at a
moderate pace, compared to the pre-2009 phase. According to available estimates, GDP
grew by about 2.5 per cent in 2010 and by more than three per cent in 2011.
We do recognise that we have been confronted with challenges due to a combination of
unfavourable international developments and the legacy of high growth objectives, but
we have been standing up to those challenges successfully.
Towards this, Dubai’s government-related entities have once again exhibited strong
determination and ability to service debt obligations and we have seen ratings upgrades
reflecting strong internal revenue generation.
As a part of our overall prudential approach in managing public finance we have
rationalised the use of public funds and have set tighter budget controls for 2012.
Ladies and gentlemen,
Continuing engagement and consultation between the public and private sectors along
the way forward is essential to evaluate prospects, identify and plug gaps, promote
transparency and create an environment that enables and sustains growth.
I am confident that the eminent business leaders, public sector representatives and
strategists present here today will be able to provide valuable inputs on the macroeconomic and sector-wise outlook for Dubai.
Their inputs will be critical to differentiating enterprises and strategies as catalysts of
Dubai’s sustainable economic development.
I therefore call upon investors, businesses, governments and all major players in the
regional markets to closely follow the discussions at this seminar, which indeed will be
valuable in your efforts to capitalise on Dubai’s dynamic business environment.
I wish this seminar all success.
Thank You.