Dubai - Mubasher: Sheikh Ahmed bin Saeed Al Maktoum, second deputy chairman of Dubai’s executive council and chairman of the economic development committee, said that Dubai’s economy is expected to expand further over the next two years.

According to a statement issued on Sunday, he said that real economic growth in Dubai is expected to reach 3.1% in 2017 and 3.6% in 2018, after having outperformed global economic growth and defied downward trends that prevailed worldwide in 2016.

“Diversification, resilience, and sustainability are enshrined in every project, policy, and strategy that Dubai adopts, including, for example, the Dubai Plan 2021, Dubai Industrial Strategy 2030, and Expo 2020. The oil sector now makes up for less than 1% of Dubai’s GDP, while varied initiatives have opened up unprecedented opportunities for global businesses in several non-oil sectors,” Sheikh Ahmed added.

“Large investments in travel, tourism, leisure, and hospitality sectors will continue to attract more visitors, in line with our strategy to welcome 20 million visitors by 2020,” he noted.

The economy of Dubai grew by 2.85% in last year when global GDP growth stood at 2.4%, and Dubai has emerged as a major player in the world economy and enjoys a stronger position as a global hub and one of the top five international centres for trade, transport, finance, and tourism, said Sami Al Qamzi, director general of Dubai Economy.

The real estate sector is projected to grow by 4.3% and 3.8% in 2017 and 2018, respectively, while the manufacturing sector is anticipated to grow by 3.3% and 4.1% this and next year, underpinned by the Dubai Industrial Strategy, as per the statement.