c



 
    
 

c

 


The composition of Dubai͛s economy will undergo a structural shift over the next few years toward
sustainable long-term sectors such as transportation, healthcare, education, tourism and financial
services, Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), told
members of the Dubai Chamber of Commerce & Industry on Thursda. ͞This shift in the relative
importance of various sectors of the economy is, in fact, a central component of the Dubai Strategic Plan
2015, but it͛s happening more quickly than envisioned by the plan, largely due to the impact of the
global crisis,͟ said Bin Sulaiman during the Dubai Chamber͛s quarterly Business Breakfast, its second of
2009. ͞Additionally, because many of these sectors impact residents͛ quality of life, the shift currently
underway will further enhance Dubai as a place to live, especially alongside the government͛s continued
support of culture and the arts,͟ Bin Sulaiman told the participants . At the same time, high-growth
industries such as real estate will continue to be integral to the make-up of Dubai͛s economy, he
said.The networking event is part of the Dubai Chamber͛s active support and promotion of the interests
of the emirate͛s business community, as well as the Dubai Government͛s policy of dialogue and
engagement with the private sector. ͞This event aims at facilitating direct communication between
public and private sectors where our members are presented with an opportunity to put forward issues
and challenges that they face before the concerned officials.͟ Stated HE Hamad Buamim, Director
General of Dubai Chamber of Commerce & Industry, during his presentation on the latest developments
witnessed by Dubai business community. Buamim stated that Dubai͛s Economy is witnessing the first
signs of recovery and investors are showing more confidence. ͞According to the latest findings and
figures profit rates in the banking sector has only dropped by 4%, while assets increased by 2%.
Passenger traffic recorded by Dubai International Airport increased by 6.5% in April, and it is expected
that this number reaches 10% in 2009, in a strong indication that Dubai is still a favored business and
tourist destination, and it is ranked as the top FDI destination city in the World by the FT report͟ stated
Buamim, while highlighting other equally significant growth rates recorded by the tourism and
hospitality industry, electricity and water demand, in addition to Dubai͛s recent population growth by
8%.͞Despite the crises Dubai͛s current exports are still growing in comparison with the exports of 2007,
since 2008 was an exceptional year of growth and 2007 is the norm and we still expect to see more
growth,͟ he concluded. During his keynote speech Dr. Omar Bin Sulaiman added: ͞We are blessed to be
living in an open and flexible market economy that allows us to adjust quickly in the face of rapidly
changing global conditions. As a result, we soon will begin to see signs of a mature economy taking
shape in Dubai and the UAE.͟Despite these shifts, trade will remain a significant contributor to the
emirate͛s GDP, especially given the substantial investment in Dubai͛s transport and logistics
infrastructure and the more than 200 destinations served by its seaports and airports.And while
acknowledging that this economic shift comes with pain to some companies and employees, he said the
issue is more about a shift in the mix of jobs, rather than a decline in employment. ͞While there has
been a loss of jobs in real estate and related sectors for example, positions are opening up in healthcare,
education, hospitality, financial services and trade.Examples of this include Emaar who recently
announced the creation of 10,000 jobs in Dubai Mall as well as its hospitality and entertainment
divisions, the more than 2,000 new employees that will be hired by Dubai Metro by the time it opens in
September, and the thousands of healthcare workers who will be employed by clinics and hospitals
opening in Dubai Healthcare City and elsewhere in the emirate.With regard to the financial services
sector, Bin Sulaiman said company applications to DIFC͛s regulator, the Dubai Financial Services
Authority, are running higher in 2009 to date than over the same period in 2008.͞This means that the
DIFC will continue to be a major driver of growth in the number of high-end professionals working in
Dubai, both today and in the future. For example, at the end of 2008, there were more than 14,000 of
these professionals working at the DIFC, a number set to grow to 60,000 by the time the DIFC is
completely built,͟ Bin Sulaiman said.Among the many steps the government is taking in its primary role
as infrastructure provider and business enabler is support of the skilled workers already here in Dubai,
through flexibility regarding visas of those who have lost their jobsMoreover, the Dubai Government is
working on creating a fund to support Dubai-based entrepreneurs who are running small- and medium-
sized businesses, an initiative led by the Dubai Department of Economic Development.