Dubai is the second-largest of the seven emirates that comprise the UAE in terms of economic size, and
the main driver of economic diversity in the country. Its tourism, logistics, manufacturing and services
sectors provide opportunities for growth beyond oil and gas, the industry upon which many economies in
the region are dependent. Economic development programmes for the emirate have been designed to leverage its strategic location between Europe and Asia.
Dubai's economy is expected to expand at a faster pace this year outgrowing in levels achieved in 2018, despite headwinds from a global economic slowdown, as the emirate continues to implements policy initiatives and investments measures under its 50-year Charter. Dubai government is currently engaged in developing new growth drivers to be fully prepared for future changes in the global and regional economic landscapes, including where matters concern the Fourth Industrial Revolution. Dubai has also introduced major policy initiatives, reducing the cost of doing business, boosting SME liquidity and supporting the tourism and the real estate sectors, which have resulted in a 41 per cent yearon-year rise in foreign direct investment in 2018 to Dh38.5bn.
Power Sector Scenario in the GCC
The GCC power sector will require about US$ 50 billion of investment in new power generating capacity. The GCC alone will add 76.8 gigawatts (GW) of capacity for power generation between 2016 and 2020 (pan-Arab energy investment bank Apicorp estimates). According to the International Renewable Energy Agency (IRENA), GCC electricity consumption is expected to reach 856 terawatt-hours by 2020, requiring 100 GW of additional power over the next 10 years to meet the demand. Strong economic and demographic growth, driven in part by the GCC economies' highly energy-intensive industrialization programmes, has led to a dramatic surge in power consumption. As the demand increases, the GCC countries are also experiencing significant requirements for power sector infrastructure development. The GCC countries have collaborated in developing a joint Gulf power grid, to develop the region's electricity network and also help unify the six countries.
Engineering trade with India & UAE
India's engineering export to UAE accounted for US$ 4.3 billion for the FY 2018-19 an increase of almost 3% from FY 2017-18, in which exports to the country stood at US$ 4.1 billion. The major exports to the UAE include Iron and Steel, Products of Iron & Steel, Electric Machinery etc.
Scope for Indian Engineering products & services
Middle East Energy continues to energize the industry by uniting the global energy community. The
world's leading energy event brings together leading manufacturers, global experts, governments, procurement, project managers and contractors to drive cost-effectiveness and efficiency and move projects forward.
The Indian electrical equipment industry comprises of two broad segments – generation equipment (boilers, turbines, generators) and transmission & distribution (T&D) and allied equipment like transformers, cables, transmission lines, switch gears, capacitors, energy meters, instrument transformers, surge arrestors, stamping and lamination, insulators, insulating material, industrial electronics, indicating instruments, winding wires, etc.
India's power sector is one of the most diversified in the world. India ranks third, just behind US and China, among 40 countries with renewable energy focus, on back of strong focus by the government on promoting renewable energy and implementation of projects in a time bound manner.
As the region’s leading gathering of power industry professionals, companies would find new customers, strengthen relationships with existing clients and develop or expand their business in the region.