Dubai's economy is benefiting from huge private capital inflows leading to the acceleration of infrastructure-related growth in the first three quarters of 2014, indicating that strong opportunities exist, said a report.

Another critical factor that is shaping the business landscape in the UAE is the expected 5.2 per cent GDP (gross domestic product) growth at the end of 2014 driven by tourism, transportation, trade and strong recovery in the real estate sector - in addition to completion of major projects and preparations to host the World Expo 2020, stated Meed in its latest study.

These developments will keep Dubai's growth above five per cent per annum in the coming years, it added.

Meed's report, which comes ahead of the second edition of Destination Dubai 2020 conference, outlines the critical factors shaping the emirate's economy in the next six years.

Dubai's unrelenting efforts to attract 20 million visitors per year will continue to influence the future, with the tourism sector's contribution to the economy expected to triple to $82 billion by 2020.

These form part of Dubai's vision for tourism for 2020, approved by Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the report added.

According to the study, critical factors that will have a far-reaching impact on the economy are the fresh investments being targeted for new projects, notably health, education, leisure and culture (which include several major theme parks and cultural schemes).

These account for over 50 per cent of $4.6 billion worth of construction projects being tendered in Dubai.

Meed Projects estimates that between 2005 and 2014, 33 per cent of the $175 billion worth of contracts awarded were for residential apartments, while mixed-use, industrial and retail projects accounted for 22 per cent.

Social infrastructure and transport projects had a 19 per cent share, while 12 per cent and eight per cent were awarded in the commercial and hospitality sectors, respectively. The remaining six per cent of projects were awarded in the power and water sector.

The Destination Dubai 2020 conference is scheduled to take place from January 26 to 28, 2015 at the Conrad Dubai Hotel.

It will gather authoritative speakers and resource specialists who will discuss the state of the emirate's real estate (hospitality, commercial and residential) markets, the road to financing projects tied to Expo 2020, milestones for delivering projects on time, international expertise on delivering major events, and regional economics affecting Dubai's growth.

"The vision for the World Expo 2020 is extraordinary and inspiring and it is one that Meed Events enthusiastically supports," said its chairman Edmund O'Sullivan.

"The opportunities it will create will be comprehensively explored at the conference," he added.