DUBAI — Driven by spectacular all-round growth and dynamic diversification, the value of investments in Dubai’s tourism, hospitality, leisure, entertainment, and real estate projects is estimated to reach Dh1.335 trillion ($365 billion) over the next five to seven years.

Shaikh Ahmed bin Saeed Al Maktoum, President of DCA and Chairman and CEO of Emirates Airlines and Group, said with Dubai diversifying away from an oil-based economy, the contribution of the oil sector to Dubai’s GDP is just under five per cent, while the services sector, with an average annual growth rate of 21 per cent since 2000, has been the key driver of its economic rise.

“In 2005, the service sector constituted 74 per cent of Dubai’s GDP,” he said at the Paris Airshow.

“In our quest to make Dubai the world’s aviation hub, we have earmarked investments in excess of $82 billion for the aviation and aerospace sectors, projects which will be executed in phases over the coming decade,” he said.

He said Dubai’s strategic plan for 2015 laid specific emphasis on travel and tourism, trade, and transportation and logistics as highly conducive sectors for future economic growth.

“Dubai’s investments in these sectors are in line with this greater plan,” Shaikh Ahmed said.

He said that these investments will see the expansion of Dubai’s existing airport to almost triple its passenger capacity and double its cargo capacity, the construction of what will eventually be the world’s biggest airport, and the expansion of Emirate’s fleet of now 100 plus aircraft to over 180.

Shaikh Ahmed, who is heading a high-level Dubai delegation to the air show, said the number of visitors to Dubai as well as the city’s resident population will rise dramatically over the next few years as a result of the fast-track developments under way.

“With Dubai emerging as the regional trade, business and tourism centre, its role and scope of operations have acquired new significance. While Dubai currently handles in the vicinity of 30 million passengers annually, up to 60 million passengers, including 15 million tourists are expected by 2010,” Shaikh Ahmed said on the sidelines of the airshow where he signed $2.6 billion deal for eight more Airbus A380 on Monday.

“The rapid economic growth of the UAE, coupled with the emergence of Dubai as the busiest business and leisure hub of the region calls for a radical expansion of our aviation infrastructure.

“Thus our plans for Dubai’s logistics and aerospace sectors are very much grounded in realistic projections and well within our capabilities,” he said.