by The growth of Dubai is expected to double by 2027. The population is predicted to reach 2.8 million by 2020 and could grow to 3.4 million by 2030.
The UAE’s stable political environment, vibrant economy, and diversity make it a highly desirable destination. With such growth projected, it is likely that the UAE will continue its rapid growth for decades.
In this article, we’ll take a look at the city’s plans for the next five years.
Trade of Oil
The UAE’s economy has been boosted by the price of oil, generating an impressive trade surplus a few years ago. However, oil prices have caused an unexpected drop in the trade surplus, leading to inflation. Inflation rose from one percent to four percent in three years and 3.5 percent in 2018.
In order to overcome the monopoly of oil, the UAE is diversifying its economy. Tourism is a fast-growing industry in the UAE and is expected to stabilize the country’s inflation rate if the country experiences another oil price slump.
Development Boom
The UAE economy has been booming since the 9/11 attacks, with a development boom that involved 20% of the world’s construction cranes.
A publicly traded company, Emaar Properties, has developed the region’s largest mall, second-largest shopping mall, and most luxurious hotels. There are more skyscrapers than any other city in the world. In the next five years, it will become one of the most popular destinations for tourists.
Liberalise the Economy
The government has been aggressive in its efforts to liberalise its economy, and to attract more investment and human capital. In February, it announced a policy that will prohibit the UAE from doing business with international companies without a regional headquarters within the country.
This policy was widely interpreted as a direct shot at Dubai’s role as a hub for business. The government is committed to attracting more investment and human capital, and its economic expansion will continue to benefit from these initiatives.
The UAE has a history of liberalising its economy to attract more human capital and investment. It recently announced a policy to stop doing business with international companies that do not have a regional headquarters in the country.
This was viewed as a direct shot at Dubai’s dominance as a business hub in the region. But Saudi Arabia’s economic reforms are not the only thing driving Dubai’s growth in the next five years.
Economy Depends
The economy is dependent on oil. In the last few years, oil has driven the economy. The UAE’s trade surplus was impressive, but with the fall of oil prices, the trade surplus decreased, and the country’s inflation rate increased.
It climbed from one percent to four percent in three years, and reached 3.5 percent in 2018. As the economy continues to grow, the government will diversify the economy and avoid oil’s monopoly.
New Innovations
As an investor, the city’s startup ecosystem has been a hotbed for innovation. From healthcare to tech, Dubai is at the forefront of technological development. Its thriving economy has made it the top choice for expatriates, and it is growing rapidly.
Expo 2020 is set to create 270,000 new jobs, making it a top destination for investors. These are all exciting times for the city of Dubai. The city has been a hub for business in the past five years.
New Museum and Tour Places
A new museum and desert safari has opened in Dubai in the next five years. Currently, the Museum of the Future is the highest-tech attraction in Dubai, and is set to open in February 2022. It is located next to the Emirates Towers on Sheikh Zayed Road and is expected to open by 2022.
The museum will showcase future technologies and predict potential threats. While the museum is focused on the future, it also straddles the past and present by applying advanced technologies to traditional arts.
Bottom Line
Despite the recent economic crisis, Dubai’s economy is still booming. With massive government spending, the city has a $4.3 billion trade surplus in the first nine months of the year, up by 12 percent from the year before. The city is also preparing for the World Expo in 2020.
There are many exciting projects underway in the city, including the massive megamall in the center of Dubai where you have alot of things to do in dubai. A huge number of projects are already underway in the country, and many more will be coming.
