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Department of Economic Development

Government Of Dubai
 
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Economic Strategy & Perspectives

The year 2009 (and perhaps 2010) will present many global economies with major economic challenges. The economic effects of the crisis are still unfolding, but are already of daunting proportions - and the latest projections are for large decreases in global economic growth and trade, and (perhaps prolonged) recession in many countries.

Being one of the most globalized economies, Dubai is being challenged on tourism, exports, construction and real estate, sectors that have combined to produce a real GDP growth in 2008 that is close to 8 percent. These sectors, and others, are witnessing major slowdowns globally and their contributions to Dubai’s present and future economic growth can no longer be taken for granted. Thus, there is an urgent necessity to re-visit the economic pillar of Dubai Strategic Plan-2015 with the twin objectives of (1) shielding Dubai from the current storm and ensuring that its past achievements are safeguarded; and (2) defining a new, non-inflationary and sustainable growth path that is commensurate with Dubai’s socio-economic imperatives.

In doing so, the Dubai Economic Department has combined its efforts with various stakeholders to achieve this critical task. DED, being the custodian of economic policy making in the Emirate of Dubai, is in charge of revision of what we would term as the 2020 Economic Strategy Plan of Dubai or ESP.
Dubai Economic Department (DED) is currently also developing a comprehensive program of policy recommendations and initiatives for development of SMEs in the Emirate of Dubai. SMEs are backbone of Dubai’s economy. Being an important player in all value chains, SMEs represent 95% of all firms registered in UAE.

The objective of the SME strategy is to ensure the global competitiveness of Dubai-based SMEs through establishing an enabling business environment, including better access to capital as well as enhanced participation of public and private stakeholders. Proposed strategy will allow Dubai to harness the opportunities availed as a consequence of global economic slowdown on one hand while at the same time provides much needed stability and sustainability to the economy.

The SME focus will further enable our economy to move from capital and labor intensive to a new dimension of innovative and technology driven economy underpinned by high degree of efficiencies and levels of productivity. Such a long term objectives will be achieved by a two-pronged approach. Immediate measures will be undertaken aimed at addressing the issues of access to and cost of funds while concurrently developing comprehensive blue print of institutional set up including SME Development Agency, specialized SME financing vehicles, rating and reporting infrastructure etc.

In addition, DED has identified the key factors driving the growth of SMEs as well as those that may impede their future development. Appropriate policies and initiatives are being developed to support the SMEs, including identification of targeted industries and clusters, extension of preferential treatments to SMEs and investor attraction. Similarly, policies and initiatives consider addressing the various financial and legal barriers to entry and growth of SMEs .
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