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Hydrocarbons continue to meet the large bulk of Dubai’s energy needs, with the UAE sitting on 5.8% of the world’s crude oil reserves. However, the UAE Vision 2021 sets out goals including the reduction of the emirate’s carbon footprint and a desire to play a pioneering role in the development of energy-efficient technologies. The 1200-MW Hassyan clean coal power plant is expected to come on-stream by 2021, while solar power has also begun to play an increasingly prominent role in the sector. The first 13-MW solar plant opened in 2014, and a further 200 MW is anticipated by 2016, with the whole solar park expected to have a capacity of 1000 MW by 2030. In March 2014, new green building regulations were introduced, which included requirements that 50% of external glazing must be north-facing, 5% of construction materials should be recycled, and smart meters should be used for water and electricity. This chapter contains interviews with Saeed Mohammed Al Tayer, Managing Director and CEO, Dubai Electricity and Water Authority (DEWA); Ahmad bin Shafar, CEO, Empower; and Saeed Khoory, CEO, Emirates National Oil Company (ENOC).

The retail and wholesale sector continues to be the largest driver of the emirate’s economy, with figures for the first quarter of 2014 showing that retail contributed $6.32bn in the first three months of the year, up 4% from the same period in 2013. Major plans were announced in 2014 for the world’s biggest mall, while the number of community-focused malls is also on the rise. Looking ahead, Dubai Expo 2020 is expected to further boost the retail and hospitality sector. Official estimates suggest tourism numbers could double from 10m people staying for three-and-a-half days to 20m tourists staying for four days. This chapter contains an interview with Colm McLoughlin, Executive Vice-Chairman, Dubai Duty Free.

Dubai’s tourism offering has continued to expand in recent years, and with the emirate consistently rising to meet new challenges and break new records, this trend looks set to continue. Visitor numbers have increased every year since 2003, resulting in a CAGR of 8.3% for 2003-13. Investment into the sector is rising quickly as well: 6.2% of total investment in the UAE during 2013 was directed to the tourism and travel sector, with estimates suggesting investment growth could reach 9.7% for 2014. Preparations for Dubai Expo 2020 are underpinning large infrastructure projects like the airport expansion, upgrades to tram and train links, and major ongoing hotel developments. An increasingly wide variety of sporting competitions are also being hosted by Dubai, and new stadiums and facilities are set to boost the emirate’s image as a sports hotspot. This chapter contains an interview with Helal Almarri, Director-General, Dubai Department of Tourism and Commerce Marketing (DTCM).

The value of infrastructure contracts awarded in the UAE in 2014 is expected to increase by more than five times, to $15.2bn. This rising trend is reflected in Dubai’s construction sector, which accounted for about 8% of GDP in 2013. The sector’s growth has been driven by projects linked to higher tourism numbers and upcoming international events, and Dubai Expo 2020 in particular. Expo 2020 preparations are expected to generate $23bn, or 24.4% of current GDP, between 2015 and 2021. The real estate market was severely affected by the crash in 2009, which saw property values fall by 40% in the first three month of 2009. Things have improved significantly since then, and tighter regulations, coupled with strong fundamental demand, have ensured that the future of the emirate’s real estate market is a bright one. This chapter contains an interview with Hesham Abdulla Al Qassim, CEO, wasl Asset Management Group.

Dubai’s maritime industry adds $3.92bn in economic value annually and the emirate’s government has placed a strong emphasis on the sector in the last decade. Long-term goals include implementing smart technology, maintaining high-quality infrastructure and developing local human capital. In the first initiative of its kind in the Middle East, the Emirates Maritime Arbitration Centre in Dubai will provide dispute resolution and deliberation based on a legal regime drawing from global best practices. It is designed to give parties access to a range of maritime regulatory guidelines and standards and to boost the emirate’s ambition of becoming a leading global maritime cluster. This chapter contains an interview with Sultan Ahmed bin Sulayem, Chairman, Ports, Customs and Free Zone Corporation; and President, Dubai Maritime City Authority (DMCA).

The introduction of compulsory medical insurance in 2015 will provide universal coverage for all residents of Dubai by 2016, with the health insurance market expected to grow from 1.5m to 4m covered individuals by that time. The UAE’s insurance sector is the largest in the region, accounting for some 45% of all gross written premiums in 2013, but its low penetration rate highlights the market’s potential for further expansion, and indeed the sector continues to outpace the state’s GDP growth. Regulations that took effect in November 2014 raised minimum capital requirements for insurance brokers, from $272,000 to $1.36m and $2.72m for local and international brokers, respectively, with these changes expected to improve market standards going forward.