Dubai, 3 March 2020: Dubai has launched the ‘Dubai Economic Platform,’ the region’s first of its kind integrated source of global and local economic data relying on cloud analytics. The initiative is in line with the six pillars of Dubai Plan 2021 and seeks to contribute towards achieving the goals of the 50-Year Charter of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on shaping the future of the Emirate.
The new platform will contribute to supporting the growth of strategic business sectors and sustainable economic development in Dubai. The launch of the platform underlines the continuous efforts towards the smart transformation of Dubai and the adoption of tech innovations that help reaffirm Dubai as one of the most important economic centres in the world.
His Excellency Sami Al Qamzi, Director General of Dubai Economy, said: “The ‘Dubai Economic Platform’ reiterates our commitment to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to make 2020 the year of preparation for the next 50 years. Data is key to ensuring the readiness of the government entities and institutions in Dubai to turn the emirate into one of the smartest cities in the world via an interlinked systems of performance indicators.”
Al Qamzi added: “The Platform delivers data to all parties concerned anytime and anywhere. We are witnessing a technology revolution and digital proliferation transforming all aspects of life, resulting in a massive flow of data that would require analysis and evaluation. Data thus analysed will help us achieve progress in all of our economic and social sectors and proactively enhance our competitiveness.”
The new platform can be utilised to collect and analyse economic data from various global sources, including entities such as the World Bank, as well as domestic data published by other government entities on Dubai Pulse. With rapid access to recent, accurate, and relevant data on its operations, activities, and goals, the Government of Dubai will have increased capabilities to analyse the economic situation and study the anticipated repercussions. Further, the data gathered will help the government assess the impact of various initiatives – giving greater insight into the likely rate of success and the ability to foresee outcomes more clearly.
In addition to providing a modern platform for decision-makers to monitor relevant economic indicators and make evidence-based decisions, the platform is also an enabler of the leadership’s Smart City vision for Dubai. Relying on artificial intelligence (AI) the platform provides unique insights on global and local economic trends, extrapolating them to Dubai’s leadership as a global economic hub.
Indicators, Information, and a Data Platform:
The platform represents another milestone in integrating AI and future technologies to promote Dubai’s position as a preferred destination for investment and business, especially since reliable and up-to-date data enables companies and policymakers to develop and formulate vision-based plans in addition to enhancing overall economic flexibility. It will provide an essential component to support Dubai’s strategic plans towards improving business competitiveness and sustainable economic development.
As the platform is based on machine-learning and the latest in artificial intelligence, it can simplify the analysis of large amounts of diverse GDP-related data. An unprecedented initiative to standardise reporting through the use of cloud analytics, the platform will source vital information directly while providing users with access to valuable insights of the impact of each initiative on the economic growth of the Emirate.
The platform reveals trade between countries with classifications based on the type of trade, including exports, imports, and re-exports, while providing an analysis of the total trade volume based on assumed scenarios and trade movement forecasts.
Dubai’s GDP, based on readings from previous years, will be available on the platform that also compares the value-add of various sectors at current prices. Inflation rates, competitiveness indicators, and visible indicators and illustrations by geographical location, including country rankings and performance results, are also available along with a prediction feature.
The platform has data on real estate transactions in Dubai (sale and lease), development mechanisms, price projections, and analysis, according to the types of properties, sale prices, and rent values. In addition, the consumer price index, including costs of utilities and transport, construction projects, building units, and business sustainability will also be available.