Dubai unveils Dubai Strategic Plan

Dubai, Feb 4: Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum has unveiled the Dubai Strategic Plan that focuses on sectors such as tourism, transport, trade, construction and financial services where the Emirate has a competitive advantage.

The strategic plan president yesterday outlines the country's economic and social goals until 2015 and aims at a sustained 11 per cent growth to reach a GDP of 108 billion dollars and increase in per capita to 44,000.

The massive economic march means that Dubai will need an additional 882,000 people to join its workforce by 2015, bringing total employment to 1.73 million with a significant move towards higher skilled employment, he said.

The non-oil sectors played a more prominent role in 2006 contributing 97 per cent to GDP, compared to 90 per cent in 2000, and approximately 46 per cent in 1975.

The services sector was the driving force behind economic growth, with a GDP contribution of 74 per cent, mirroring economies of the developed world, Sheikh Mohammed said.

''Our success in diversifying sources of income has compensated for low oil reserves, and our economic development is now supported by an infrastructure that is not directly affected by oil,'' he added.

The economic goals, however, are only one component of the DSP, which also outlines the need for social development, better infrastructure, land and environment management, security, justice and safety and public sector excellence.

When he announced his vision for Dubai in 2000, he spoke of economic aims for 2010, which have now been realised.

The six key pillars of growth identified would be supported by 'strategic thrusts', including international standard laws and regulations, cost of doing business and living, quality of life and human capital, which will ensure that each of the chosen sectors achieve their aims.

UNI