UAE: Dubai Economy

The UAE is a major international centre in the global Islamic economy, and Dubai is key for Islamic finance in particular, hosting the stock exchange with the largest listing of sukuk (Islamic bonds) by value, as well as one of the world’s largest Islamic banks. The emirate has been seeking to further expand its sharia-compliant economy...

Despite persistently low international commodities prices, Dubai saw a steady GDP growth of 3.2% in 2017 and is expected to reach 3.5% in 2018, with an increased drive towards consolidating its position as a knowledge-based economy. The issuance of the Dubai Open Data Law and the creation of Smart Dubai are among the flagship initiatives...

While government-related entities (GREs) play an important role in the economy, Dubai has one of the most dynamic private sectors in the Gulf. A diversified activity base and attractive business environment have drawn in high levels of foreign direct investment. Private firms are particularly dominant in the small and medium-sized enterprise (...

Dubai’s economy is among the most diversified in the region, thanks to factors such as a highly attractive business environment that has brought in large amounts of foreign investment. Despite producing little oil, growth has been affected in recent years by the knock-on effects of the fall in international oil prices and a consequent slowdown...

For the nations of the GCC, the drop in oil prices highlighted something many already knew – there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade...