Dubai skyline. Dubai DED expects the emirate's economy to expand 3.1 per cent this year and 3.4 per cent in 2022. Reuters
Dubai skyline. Dubai DED expects the emirate's economy to expand 3.1 per cent this year and 3.4 per cent in 2022. Reuters
Dubai skyline. Dubai DED expects the emirate's economy to expand 3.1 per cent this year and 3.4 per cent in 2022. Reuters
Dubai skyline. Dubai DED expects the emirate's economy to expand 3.1 per cent this year and 3.4 per cent in 2022. Reuters

Dubai economy to grow 3.1% this year on Covid-mitigation measures and Expo 2020


Sarmad Khan
  • English
  • Arabic

Dubai’s economy is forecast to expand 3.1 per cent in 2021, helped by effective policy measures that minimised the impact of Covid-19, according to the latest government projections.

The hosting of the six-month Expo 2020 global trade fair, which begins in October, has also spurred economic activity this year and laid foundations for even faster growth momentum, according to data from the Department of Economic Development. The emirate’s gross domestic product is expected to expand 3.4 per cent in 2022.

Dubai's leadership took “decisive measures” to ease the repercussions of global challenges on the emirate's economy and those efforts were supplemented by new legislation and amendments to the investment and residence laws in the country, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the emirate’s Executive Council, said in a Dubai Government Media Office statement on Tuesday.

“Cumulatively, these moves revitalised the economy and stimulated a strong flow of local and foreign investment, allowing the emirate to resume its journey of development, diversification and sustainable economic growth,” Sheikh Hamdan said.

“Over the coming years, Dubai promises to be an even bigger global destination for investment and talent, and a city that offers exciting new opportunities for businesses, entrepreneurs and innovators.”

The economy of Dubai, the commercial and tourism hub of the Middle East, has bounced back strongly from a pandemic-driven slowdown that disrupted global trade flows and severely affected travel and tourism sectors last year, tipping the world economy into its worst recession since the 1930s.

Tourism and real estate sectors that are key to Dubai's economy have made a significant recovery on the back of stimulus packages worth Dh7.1 billion ($1.93bn) since the outbreak of Covid-19 to support the economy, businesses and people.

“These packages came on top of economic support measures launched by the UAE Federal government,” Sami Al Qamzi, director general of Dubai Economy, said.

“Between September 2020 and July 2021, Dubai witnessed a relatively faster recovery in sectors such as transport and tourism compared to other countries.”

A nationwide campaign at pace to inoculate the population against the pandemic has also boosted investor confidence and put the economy “firmly on the recovery path”, Mr Al Qamzi added.

In June, Dubai reduced or cancelled fees for 88 government services to reduce financial pressures on businesses, lower the cost of living, support investors and improve the business environment in the emirate.

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In June, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, launched new initiatives to support family companies, help start-ups and attract more skilled workers to the UAE.

Business confidence in Dubai has risen to a seven-year peak as companies in the emirate expect conditions to improve ahead of Expo 2020, according to a survey by the Dubai Chamber of Commerce & Industry.

The forecast by the DED, known as Dubai Economy, also takes into account the expected positive impact of Expo 2020 on economic momentum in the country.

The emirate expects the accommodation and food services sector to record 8.5 per cent year-on-year growth in 2021. Its transport, storage and communications sector is projected to grow by 4.1 per cent, reflecting the “gradual recovery expected until the end of 2021 in tourism and transport activities".

“The wholesale and retail trade sector is also expected to regain a large part of its activity following the Covid-19-induced slowdown, achieving a growth of 4.7 per cent in 2021,” according to government estimates.

However, construction activity is likely to decline in 2021 by 2 per cent as a result of “stabilisation in the construction of residential, office and hotel space, and a relative decline in construction related to infrastructure following rapid growth recorded in the years before 2020".

“Growth is expected to accelerate in 2022 … driven by the continuous recovery of activities that were most affected by the pandemic, such as tourism and international transport, which will also benefit from Expo 2020 activities in the first months of 2022,” the DED said.

Over the coming years, Dubai promises to be an even bigger global destination for investment and talent and a city that offers exciting new opportunities for businesses, entrepreneurs and innovators.”
Sheikh Hamdan bin Mohammed,
Crown Prince of Dubai

During the first three months of this year, Dubai recorded 1 per cent quarter-on-quarter growth, which signalled the start of the recovery phase, Dubai Economy said, citing Dubai Statistics Center's preliminary estimates of the seasonally-adjusted GDP data.

“These figures indicate that there is a positive development and rapid recovery of both Dubai’s and the UAE’s economy, compared to 2020,” Aref Al Muhairi, Executive Director of Dubai Statistics Center, said.

First-quarter Dubai foreign trade data issued by Dubai Customs indicated a 10 per cent jump in the emirate's non-oil foreign trade to Dh354.4bn. Exports achieved significant growth of 25 per cent, reaching Dh50.5bn, and the value of imports increased by 9 per cent to Dh204.8bn, while the value of re-exports increased by 5.5 per cent to Dh99bn.

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

The specs

Engine: 2.0-litre 4-cyl

Power: 153hp at 6,000rpm

Torque: 200Nm at 4,000rpm

Transmission: 6-speed auto

Price: Dh99,000

On sale: now

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

While you're here
THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

What is Bitcoin?

Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.

The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. 

MATCH INFO

Iceland 0 England 1 (Sterling pen 90 1)

Man of the match Kari Arnason (Iceland)

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

UAE currency: the story behind the money in your pockets
LIKELY TEAMS

South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.

India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.

The biog

Name: Mariam Ketait

Emirate: Dubai

Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language

Favourite quote: "Be the change you wish to see" - unknown

Favourite activity: Connecting with different cultures

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

Crops that could be introduced to the UAE

1: Quinoa 

2. Bathua 

3. Amaranth 

4. Pearl and finger millet 

5. Sorghum

RESULTS

1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Leaderboard

63 - Mike Lorenzo-Vera (FRA)

64 - Rory McIlroy (NIR)

66 - Jon Rahm (ESP)

67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)

68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)

69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Third Test

Day 3, stumps

India 443-7 (d) & 54-5 (27 ov)
Australia 151

India lead by 346 runs with 5 wickets remaining

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Company%20profile
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MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90 2')

Barcelona 0

Company%C2%A0profile
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Updated: September 21, 2021, 4:33 PM`