Profile

Despite persistently low international commodities prices, Dubai saw 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 driving this transformation, alongside the portfolio of diversification-oriented projects at the federal level. Not only did 2017 witness the launch of new initiatives, it also saw the advancement of ongoing projects. Dubai recently achieved its first goal on the path towards becoming the global capital of Islamic finance, overtaking the world’s leading financial centres in the listing of sukuk (Islamic bonds) on its exchanges, with sukuk listings in the emirate totalling $52.5bn as of September 2017. The emirate’s aviation sector also continued to expand in 2017, with Dubai International Airport consolidating its position as the world’s third-busiest airport for international passenger traffic.

This chapter contains a viewpoint from Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai; an interview with Abdulla Mohammed Al Basti, Secretary-General, Executive Council of Dubai; and a viewpoint from Theresa May, Prime Minister of the UK.