Dubai recorded a GDP growth of 6.2 per cent in 2021 and 5.9 per cent in the first quarter of 2022.
The figures were revealed during a meeting of the Executive Council, chaired by Dubai's Crown Prince His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
Dubai’s economy hit AED 102 billion during the January-March quarter after achieving a 6.2 per cent GDP growth in 2021, reaffirming the emirate's ability to adapt and grow.
Sheikh Hamdan emphasised that the government’s attractive fiscal measures directly helped to stimulate economic growth, while the success of Expo 2020 Dubai was a key factor in driving a post-pandemic tourism boom, leading to increased air and sea traffic and record foreign trade.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and First Deputy Chairman of The Executive Council of Dubai, also attended the meeting, which was held at the newly-opened Mohammed Bin Rashid Library.
Guided by @HHShkMohd’s vision and supported by strategic initiatives and economic stimulus programmes, Dubai has expanded its GDP by 6.2% in 2021. The growth demonstrates the emirate’s strong economic fundamentals and ability to maintain sustainable growth. pic.twitter.com/DaKER4Hge8— Hamdan bin Mohammed (@HamdanMohammed) June 23, 2022
The Executive Council also approved a series of initiatives and projects across strategic sectors.
Quality and flexible legislation that keeps pace with the future
The Executive Council approved the general policy on legislation in the Emirate of Dubai, within a framework compatible with Dubai’s strategic growth strategy and futuristic plans, taking into account the active participation of the private sector.
The policy is focused on aligning government procedures on legislative matters with the procedures approved by the committee.
It also seeks to unify the process of drafting laws, enhancing regulatory work, defining the roles assigned to them in formulating and simplifying the control procedures of these entities and ensuring access to an agile, integrated system that keeps pace with the future.
This is in line with the changes that the Emirate is making to build a model compatible with its ambitions.
Hassantuk for Homes Safety Project
The Executive Council also directed the General Department of Civil Defence to present an implementation plan for the ‘Hassantuk for Homes’ project – the only certified wireless fire safety system designed for villas in the UAE.
Hassantuk ensures the fastest response time for fire and emergency alerts through a 24x7 connected fire alarm system, integrated with Civil Defence Command Centres.
The Dubai government will bear the cost of providing Emiratis homes, covered under the umbrella of social benefits, with the system designed to improve safety measures.
.@HamdanMohammed: Economic diversity and supportive legislative environment cornerstones for investor confidence in #Dubai as the Emirate— Dubai Media Office (@DXBMediaOffice) June 23, 2022
records GDP growth of 6.2% in 2021 and 5.9% in the first quarter of 2022https://t.co/JXJht1oLND pic.twitter.com/vJnjVFsiQ9