Dubai's economy defied prevailing depressive tendencies in the investment market throughout 2016, and today it is ahead of other world’s regions and cities in terms of economic development.
This was recently revealed by Sheikh Ahmed bin Said Al Maktoum, Second Deputy Chairman of The Executive Council and Chairman of Economic Development Committee.
The results of the annual report on the implementation of the Dubai development plan for 2021 entitled "Dubai Pulse " has revealed that economic development of the emirate as a whole outpaces the economic development of the region, and the stability of the macroeconomic environment, the adopted development strategy, and infrastructure initiatives continue to support economic growth indicators in Dubai, even against the background of the global downward trends.
Investor confidence index for Dubai’s economy, according to official polls, is over 138%, while 80% of respondents estimate the current economic situation in the emirate as positive. This is mostly due to the increase of investments in real estate sector and the number of new projects in the area, the report says.
According to the World Bank Doing Business report, Dubai climbed 13 points in the respective rating between 2014 and 2017, and now ranks 26th among 190 world’s countries and the first in the Arab region. The Global Entrepreneurship Index, which measures the health of the entrepreneurship ecosystems in 137 countries annually, placed the UAE 19th in the world and again, first in the Arab world.
It is expected that Dubai’s real estate sector will expand by 4.3% and 3.8% in 2017 and 2018, respectively, according to the ‘Dubai Pulse’ report. Therefore, investments in Dubai’s real estate are envisioned as the most direction for investments in order to obtain passive income.