Dubai is the fourth globally and the first Arab to open up to foreign trade

Media In Dubai – 22 December 2018
Dubai’s Department of Economic Development (DED) has released the economic report of Dubai 2018, which reviews the major developments in the Dubai economy in 2017 at the macro and sectoral levels and a comprehensive view of the growth of Dubai’s economy in 2018, according to the latest official statistics available from Dubai’s economy and the competent authorities in Dubai.
The report shows that Dubai’s trade openness index of 321% (ie the value of exports, imports and re-exports attributed to GDP) shows that the emirate is ranked fourth in the world as the most open economy to international trade. Dubai is ranked first in the Gulf and Arab countries in opening up to foreign trade.
The report reviewed the development landscape in Dubai beginning with Dubai’s GDP of AED 389.4 billion in 2017, an increase of 2.8% in constant prices from AED 378.8 billion recorded in 2016. In contrast, the UAE economy as a whole achieved a lower growth rate of 0.8% Which has helped the emirate contain the impact of lower oil prices as well as neighboring economic conditions in the region.
Dubai was ranked fourth among the world’s most attractive cities by the world’s most visited cities with a total visitor arrivals of more than 15.8 million in 2017, an increase of 6.7%. Their total spending is about 109 billion dirhams.
Commenting on the report, Sami Al Qamzi, Director General of Dubai Economic, said: “The report confirms that Dubai’s economy continues its ambitious development path towards excellence and solidifies its position as a financial and business hub in the region and the world. Economic success to stimulate various economic activities .. It also helped that Dubai has strengthened its openness to the world and developed a network of its relations and partnerships with many countries in the region and the world, which increases the flow of investment in the emirate and foreign trade, and the number of international visitors coming to it .
According to the Global Competitiveness Report (2017-2018) issued by the World Economic Forum, the UAE ranks first in the world in terms of government procurement of high technology products and creative capacity. The ICT sector is a magnet for foreign direct investment, which doubled during the last decade (2007-2016) 22,082 million dirhams in 2016. Free foreign ownership and granting residence visas between 5 and 10 years for these investors and their families are among the most catalysts that will contribute to the flow of foreign capital to the sector.
Dubai is well positioned on the global tourism and retail map with 62% of the world’s retail brands and more than Shanghai, London, Abu Dhabi and Paris as a destination for shoppers looking for luxury brands.
Expo 2020 is a major international event and is expected to attract around 25 million visitors, 70 per cent of whom will be from abroad. Retail, tourism and real estate are expected to receive the lion’s share of financial benefits. E-commerce is an important challenge for traditional shopping and retail activities in the emirate. In particular small enterprises. The expected increase in the number of tourists from middle-income countries will also have an impact on Dubai’s spending and shopping patterns.