Economy

Dubai’s economy is the result of a decades-long pursuit of diversification which has brought evolution into a variety of offerings – including services, finance and trade – that has made the emirate a cross-continental meeting point for commerce. Dubai has felt the impact of the fall in crude prices since mid-2014, but it now has sectors that can thrive regardless of oil market conditions. Since the global financial crisis the emirate’s economic narrative has been framed by its recovery efforts. Despite little direct exposure to the toxic assets that triggered the meltdown, Dubai experienced external shocks as the global economy suffered. However, it has successfully shifted the focus from concerns about the past towards plans for the future. As legacy debts are repaid or restructured new economic potential is emerging, helping to underpin fresh analyses and projections. Dubai will host World Expo 2020, for example, and preparation for this six-month-long series of events is a story analysts are now focused on.

This chapter contains interviews with Obaid Humaid Al Tayer, Minister of State for Financial Affairs; Hamad Buamim, President and CEO, Dubai Chamber; Amina Al Rustamani, Group CEO, TECOM Group; and a viewpoint from Jim Yong Kim, President, World Bank Group.