Dubai’s economy grows 3.8 per cent in 2014

The Dubai Statistics Centre (DSC) announced that Dubai’s economy achieved a growth rate of 3.8 per cent in 2014, reports UAE-based Al Bayan.

The emirate’s real gross domestic product (GDP), at constant prices, stood at AED338 billion.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Dubai’s Economic Development Committee, praises the economic performance of the emirate, attributing this to the economic diversification policy adopted by the government of Dubai.

All economic activities witnessed positive improvements in growth rates in 2014, which reflected positively on the continued growth of the emirate’s GDP.

Sheikh Ahmed also asserts that the economic performance of the emirate confirms the continued growth of the economy in non-oil sectors.

The non-oil sectors’ contribution to the GDP increased, accounting for 98.7 per cent, he adds, explaining that non-oil sectors achieved AED333.5bn, compared with the AED4.4bn achieved by the oil sector.

This confirms that the restructuring of Dubai’s economy is based mainly on industrial and service activities, which represent the main drivers of economic growth and stability in the emirate, his highness explains.

Arif Obaid Al Muhairi, the CEO of DSC, says that many economic sectors and activities provided an outstanding performance in 2014 compared with 2013, pointing out that the transport, storage and communications activities contributed 34 per cent to the growth achieved.

These activities achieved real added value that amounted to AED52.5bn, a growth rate of 8.6 per cent, Al Muhairi adds.

(AED1 = $0.27 at the time of publishing)

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