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Defining a Domestic PSD Programme
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| Dubai’s
development story |
Dubai’s use of oil revenue
for development of long-term vision for non-oil sectors, strategic
economic targets, modern infrastructure, and push to attract
foreign investment contributed significantly to its growth
| Key indicators and growth facts |
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Basic indicators
- Population: 960,000 (2002; 80% expatriates)
- GDP per capita, US$ at PPP: 19,009 (2000)
- 10 year GDP Growth: 8%* (1990-2000)
- Oil revenue: 10% GDP in 2000
- HDI (UAE in 2002): a) Value: 0.824; b) Rank:
49 (out of 177)
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Economic indicators
- Value added (% GDP) from 1998 to 2003
- increased from $US13.58 billion to $US20.38
billion
- FDI inflows, 2003: US$ 95m in 2003 (UAE figure)
- Unemployment: 1.8% (2000)
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- In the 1990s, real GDP grew at annual compound
rate of 8% a year
- Dubai’s rulers pro business attitude that “if
it is good for business, it is good for Dubai”
- Discovery of oil in 1966 led to rapid economic growth,
but oil reserves will run out in estimated 10 yrs
- Government saw need to diversify the economy and
used oil proceeds to build infrastructure
- By 2004, 93% of GDP was from non-oil sources, and
the percentage is increasing, especially in banking,
real estate and tourism sectors
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*GDP per capita annual growth
rate not found for Dubai. Figures from Dubai Development
& Investment Authority
Sources: The Economist, HSBC Middle East, U.S. Department
of Commerce's Trade Information Center, World Bank |
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