Smile, you’re in Dubai. The emirate has just been ranked as the world’s fastest growing metropolitan area relative to its national economy.
Of course, as Dubai residents know all too well, the city is indeed growing at the speed of thought, with infrastructure development happening in every nook and corner of the emirate.
And now we have confirmation of the same from the Washington-based Brookings Institution, a private non-profit organisation.
According to the institution’s Global Metro Monitor, “no metropolitan area grew faster relative to its national economy than Dubai, where the business and financial services sector helped drive 4.5 per cent growth in GDP per capita, versus 1.6 per cent growth for the United Arab Emirates as a whole.”
“The most populous city in the UAE, Dubai is a global hub for transportation, tourism, trade and professional services,” the report elaborates.
“Thanks to an ambitious strategy to diversify its economy, Dubai no longer relies on commodities to power its economic growth, and today the service industry accounts for more than 70 per cent of total GDP,” it highlights.
These findings come from a report by the Brookings Institution’s Metropolitan Policy Program, released as a part of the Global Cities Initiative, a joint project of Brookings and JPMorgan Chase.
Overall, Dubai is ranked #5 among the list of elite global metropolitan cities that are pushing the boundaries of the country’s economic growth.
Besides the top-ranked Macau, Dubai was the only developed economy city to feature in the Top 20 fastest growing metros, with GCC peer Riyadh ranked at #25 on the list.
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