Dubai's economy should accelerate by 4.5 per cent this year, propelled by its key pillars of tourism and transport and sound management of its debt flows, a leading Dubai official said today.
GDP expansion will pick up from 3 per cent last year, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Economic Sector Committee.
"Despite all of the challenges we have faced in the year 2009 and the start of 2010 we have succeeded in encouraging the economy and promoting economic sectors," he said at an event in Dubai.
Tourism and the travel sector accounted for more than 60 per cent of the economy. The financial sector had also maintained its value to the economy, despite the challenges its faced.
The emirate would also continue to support state-linked firms, he said. Dubai had made progress in meeting its debt obligations, he said.
"The Dubai Government has taken policies that have reduced our debt and put controls on our debt management," he said.
The emirate would increase the size of the Dubai Financial Support Fund, the specially created fund to support state-linked firms, if required, he said. But Sheikh Ahmed said he was "pleased with the way business was going."
tarnold@thenational.ae
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now