DUBAI, 4 February 2007 — Sheikh Mohammed ibn Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, yesterday unveiled the Dubai Strategic Plan — 2015 (DSP). It is set to maintain double-digit economic growth, achieve a GDP of $108 billion and increase real per capita GDP to $44,000 by 2015.
The plan, launched under the theme “Dubai...Where The Future Begins”, sets out a strategic approach that focuses on developing the emirate’s most dynamic economic sectors that have been the key contributors to Dubai’s annual real GDP growth rate of 13 percent since 2000.
Sheikh Mohammad said that “the Dubai Strategic Plan, despite having its own specific goals, is fully integrated with the federal strategic plan, being prepared by The Council of Ministers, under the direction of Sheikh Khalifa ibn Zayed Al-Nahayan, president of the United Arab Emirates.”
He said “the plan encompasses many new attributes, with a foundation firmly built on quantitative achievements which form a solid base for sustained growth in the era of the knowledge economy. The plan will not be affected by oil price fluctuations. Dubai has succeeded in diversifying its sources of income, and reducing its dependence on oil, so that, today, oil’s contribution to GNP is a mere 3 percent.”
“We have come a long way toward achieving the objectives of an economy independent of oil. Indeed we have exceeded all expectations and predictions.
When I announced my Vision for Dubai, in the year 2000, I spoke of economic aims for the year 2010. The reality is that not only have these aims been realized, but they have been realized in half the time,” he pointed out.
“In the year 2000 the plan was to increase GNP to $30 billion by 2010. In 2005 that figure was exceeded, with GNP reaching $37 billion. The plan also included an increase in income per capita to $23,000 by the year 2010. In 2005 the average income per capita reached $31,000. In other words, we realized, in five years, economic achievements beyond those which were planned for a 10-year period”.
Sheikh Mohammed further said “over the last few years another very important achievement has been economic restructuring. In 2005, the non-oil sector played a major role, contributing 95 percent to GDP, as compared to 90 percent in 2000, and approximately 46 percent in 1975. The services sector was the driving force behind Dubai’s economic growth, contributing 74 percent of GNP, mirroring the economies of the developed world”.
He said the DSP will support all fields related to cultural development, including theaters, cinema and the arts, as well as supporting Dubai’s participation in regional and international cultural events, adding that the strategy recognizes the importance of the private sector’s role in developing culture in Dubai.
Under the DSP, initiatives will be launched to ensure nationals are the preferred employees in strategic sectors. These initiatives will be aimed at improving education and skills development. Nationals will also be equipped with the necessary life skills to cope with a rapidly changing world.
