Dubai has outperformed global economic growth and defied downward trends that prevailed worldwide in 2016, Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of the Executive Council, said on Sunday.

Dubai's economy is poised to expand further over the next two years, driven by major investments as well as growth in tourism, real estate and manufacturing sectors, said Sheikh Ahmed, who is also the Chairman of the Economic Development Committee.

The economic performance of Dubai is better than other economies in the region. "Dubai's stable macroeconomic environment, its diversification and sustainability policies, growth strategies and infrastructure initiatives continue to fuel outstanding economic performance even when the global economy faces headwinds," he said.

"Diversification, resilience and sustainability are enshrined in every project, policy and strategy that Dubai adopts. The oil sector now makes up for less than one per cent of Dubai's GDP, while varied initiatives have opened up unprecedented opportunities for global businesses in several non-oil sectors," said Sheikh Ahmed.

He said nearly 47 contracts worth over Dh11 billion are to be awarded in 2017 for projects at the Expo 2020 site alone. He said large investments in travel, tourism, leisure and hospitality sectors would continue to attract more visitors.

Source: Khaleej Times