Dubai's GDP growth and future plans impress global leaders
Dubai Chamber of Commerce and Industry gave a presentation about Dubai's remarkable growth during a two-day business convention organised by the top French company PPR Group. The conglomerate's chairman, Francois-Henri Pinault, chose Dubai as the venue for the Group's top executive meeting held recently at Al Qasr Madinat Jumeirah hotel as he felt the emirate is not only a critical base for the Group and its brands but more importantly a key business territory of the 21st century.
Hisham Abdullah Al Shirawi, 2nd Vice Chairman, Dubai Chamber, during his overall presentation of Dubai's vision gave a striking demonstration of how the emirate was positioning itself in the globalised world. The 130 CEO's, senior executive vice-presidents worldwide and the Group's highest corporate executives were greatly impressed by Dubai's GDP growth of USD 54.3 billion in 2007.
The presentation highlighted Dubai's ambitious economic targets under the Strategic Plan 2015 that indicates a real GDP growth rate of 11pc for the next eight years. Dubai's GDP by the end of 2005 was still higher than other Gulf countries and even Asia and US.
The presentation also shed light on Dubai's non-oil foreign trade that reached UDS185 billion in 2007 compared to USD139 billion in 2006 recording a 33pc rise. The focus also fell on key sectors of development including tourism, retail, infrastructures, knowledge, transports, logistics, manufacturing, professional and Government services and called upon the private sector to play a larger role by working together with the public sector.
The hospitality industry is expecting a real boom with its target of 100,000 rooms for 15 million visitors by the year 2015. Currently, there are 324 hotels, 33,731 rooms with occupancy rate of more than 85pc throughout the year as a total of seven million people used Dubai hotels in 2007 compared to 1.9 million in 1996.
Another major growth was witnessed by the Dubai International Airport which handled an average of 725 flights per day compared to 650 flights in 2006, indicating a 10pc growth during 2007. Connected to 205 destinations through a network of 120 international airlines, the airport serviced 34 million passengers in 2007 thus recording a 19pc rise and is expecting 40 million passengers this year.
The Group's executives were impressed by Dubai's mega projects Burj Dubai, which after completion will stand at 800 meters in height and is being built at an estimated cost of more than USD 821 million; the Palm Islands' Palm Jumeirah that contains 2,500 villas and 36 hotels with an estimated infrastructure cost of USD1.5 billion; Palm Jebel Ali which is 50pc larger than its Jumeirah counterpart and has an infrastructure cost value of USD 2billion while Bawadi, the largest tourist project has a total investment of USD 55 billion and will house the world's largest shopping area of 40 million sq ft. The project is expected to attract a good chunk of the targeted 15 million tourists to Dubai in the next decade.
The delegation were apprised about Dubai Chamber's strategic vision that backboned the development of Dubai and how the emirate succeeded in becoming the key business hub thanks to its mission and objectives of representing, supporting and protecting the interests of the business community in Dubai besides creating a favourable business environment, supporting the development of businesses and ultimately promoting Dubai as an international business hub.
Established in 1963, PPR develops a portfolio of high-growth global brands driven by distinctive distribution models. Through its general consumer brands (Puma, La Redoute, Fnac, etc.) and its luxury brands (Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen and Stella McCartney), PPR enjoys leading positions and generated sales of EUR 19.8 billion in 2007. Run by Francois-Henri Pinault, the Group is present in 90 countries with approximately 93,000 employees. PPR shares are listed on Euronext Paris. WAM
Hisham Abdullah Al Shirawi, 2nd Vice Chairman, Dubai Chamber, during his overall presentation of Dubai's vision gave a striking demonstration of how the emirate was positioning itself in the globalised world. The 130 CEO's, senior executive vice-presidents worldwide and the Group's highest corporate executives were greatly impressed by Dubai's GDP growth of USD 54.3 billion in 2007.
The presentation highlighted Dubai's ambitious economic targets under the Strategic Plan 2015 that indicates a real GDP growth rate of 11pc for the next eight years. Dubai's GDP by the end of 2005 was still higher than other Gulf countries and even Asia and US.
The presentation also shed light on Dubai's non-oil foreign trade that reached UDS185 billion in 2007 compared to USD139 billion in 2006 recording a 33pc rise. The focus also fell on key sectors of development including tourism, retail, infrastructures, knowledge, transports, logistics, manufacturing, professional and Government services and called upon the private sector to play a larger role by working together with the public sector.
The hospitality industry is expecting a real boom with its target of 100,000 rooms for 15 million visitors by the year 2015. Currently, there are 324 hotels, 33,731 rooms with occupancy rate of more than 85pc throughout the year as a total of seven million people used Dubai hotels in 2007 compared to 1.9 million in 1996.
Another major growth was witnessed by the Dubai International Airport which handled an average of 725 flights per day compared to 650 flights in 2006, indicating a 10pc growth during 2007. Connected to 205 destinations through a network of 120 international airlines, the airport serviced 34 million passengers in 2007 thus recording a 19pc rise and is expecting 40 million passengers this year.
The Group's executives were impressed by Dubai's mega projects Burj Dubai, which after completion will stand at 800 meters in height and is being built at an estimated cost of more than USD 821 million; the Palm Islands' Palm Jumeirah that contains 2,500 villas and 36 hotels with an estimated infrastructure cost of USD1.5 billion; Palm Jebel Ali which is 50pc larger than its Jumeirah counterpart and has an infrastructure cost value of USD 2billion while Bawadi, the largest tourist project has a total investment of USD 55 billion and will house the world's largest shopping area of 40 million sq ft. The project is expected to attract a good chunk of the targeted 15 million tourists to Dubai in the next decade.
The delegation were apprised about Dubai Chamber's strategic vision that backboned the development of Dubai and how the emirate succeeded in becoming the key business hub thanks to its mission and objectives of representing, supporting and protecting the interests of the business community in Dubai besides creating a favourable business environment, supporting the development of businesses and ultimately promoting Dubai as an international business hub.
Established in 1963, PPR develops a portfolio of high-growth global brands driven by distinctive distribution models. Through its general consumer brands (Puma, La Redoute, Fnac, etc.) and its luxury brands (Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen and Stella McCartney), PPR enjoys leading positions and generated sales of EUR 19.8 billion in 2007. Run by Francois-Henri Pinault, the Group is present in 90 countries with approximately 93,000 employees. PPR shares are listed on Euronext Paris. WAM
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