The Dubai Strategic Plan - 2015 (DSP), unveiled Saturday by Sheikh Mohammad bin Rashid Al Maktoum, UAE Prime Minister and Vice President, and Ruler of Dubai, 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% since 2000.
According to WAM, Sheikh Mohammad said: "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 His Highness Sheikh Khalifa bin Zayed Al Nahayan, President of the United Arab Emirates.
"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%", Sheikh Mohammed said.
"We have come a long way towards 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.
"In the year 2000 the plan was to increase GNP to 30 billion US dollars by 2010. In 2005 that figure was exceeded, with GNP reaching 37 billion US dollars. The plan also included an increase in income per capita to 23,000 US dollars by the year 2010. In 2005 the average income per capita reached 31,000 US dollars.
In other words, we realized, in five years, economic achievements beyond those which were planned for a 10-year period".
Sheikh Mohammed continued: "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% to GDP, as compared to 90% in 2000, and approximately 46% in 1975. The services sector was the driving force behind Dubai's economic growth, contributing 74% of GNP, mirroring the economies of the developed world".
"Our success in diversifying our sources of income has compensated for low oil reserves, and economic growth now depends on an infrastructure not directly affected by the oil sector. This is an historic achievement, one which can benefit neighbouring and friendly oil-producing countries in their efforts to restructure their own economies and to diversify their own sources of income.
"The Dubai Strategic Plan will also ensure a common framework for the integrated operations of all government entities, focusing on five key areas that show the highest level of development potential - economic development, social development, infrastructure, land and environment, security, justice and safety and, public sector excellence. For each area, clear sub-sectors have been identified that will form the underlying principles for development," Sheikh Mohammed said.
The Economic Development Plan (EDP) aims to sustain the level of growth of the emirate's economy - which has been growing faster than the emerging economies of China and India over the past six years - with a CAGR of 13%.
