Government initiatives continue to support economic expansion in the emirate
Dubai’s economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data showed. Data released by Dubai Economy on Sunday showed that Dubai’s GDP grew 1.94 per cent last year but it will pick up to 2.1 per cent this year and 3.8 per cent next year before easing to 2.8 per cent in 2021. The emirate’s economy will continue to rely on real estate as its main growth driver at 3.65 per cent for 2019 followed by 3.1 per cent for logistics and transport; 2.8 per cent growth in tourism; 2.4 per cent in financial services and 1.9 per cent in wholesale and retail trade. But as tourists will flock into the emirate next year for Expo 2020, tourism sector will overtake real estate to become a top growth driver of the economy followed by logistics and transport; wholesale and retail; real estate; financial services; industrial and construction industries. Dubai Economy...