The Dubai Executive Council has approved the Foreign Direct Investment Development Programme, aiming to attract AED 650B ($177B) in investments by 2033, positioning the city among the world’s top three economies.
According to the Dubai Media Office, the programme will allocate AED 25B ($6.8B) over a decade to support the objectives of Dubai’s D33 economic agenda.
Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, highlighted Dubai’s comprehensive economic model, equipped with advanced tools to bolster decision-making, foster diverse opportunities, and attract global talent and investments.
Sheikh Maktoum also unveiled the Dubai Economic Model, which employs over 3,000 performance indicators to meticulously gauge Dubai’s progress towards economic targets.
The Dubai Economic Model, Sheikh Maktoum explained, utilizes a robust economic database encompassing 3,000 indicators to enhance confidence among consumers and investors.
The FDI Development Programme aims to draw international firms and support existing ones in Dubai, aligning with the emirate’s ambition to rank among the world’s top three economic cities, as per the Dubai Media Office.
The programme will spotlight Dubai’s distinct competitive advantages, including its logistical infrastructure, strategic location, skilled workforce, and status as a leading global commercial hub.
The Dubai Economic Model integrates interactive dashboards and policy impact assessments to monitor economic development and assess progress towards D33 targets, aiding informed decision-making.
Administered by the Department of Economy and Tourism, the project comprises three main components, as outlined by the Dubai Media Office.
The first component involves a database with over 3,000 indicators covering macroeconomic and sector-specific data for Dubai, alongside global rankings.
The second component includes systems for forecasting economic performance indicators and evaluating the impact of local and global policies on Dubai’s economy.
The third element encompasses economic reporting tools and interactive dashboards to monitor Dubai’s economic performance and trends, supporting decision-makers.
Launched in January last year, D33 aims to double Dubai’s economy to AED 32T by 2033 and nurture 30 private companies to unicorn status (worth over $1B), with support for 400 promising businesses.
D33 also aims to position Dubai as a global leader in the digital economy, the fastest-growing global business hub, a centre for sustainability and economic diversification, and a hub for talented individuals and unicorns.
Despite challenging global economic conditions, Dubai maintained its status as the leading destination for greenfield foreign direct investment projects in 2023 for the third consecutive year, with its share of global projects rising from 1.7% in 2019 to 6% in 2023, in pursuit of becoming a top global city under its D33 economic agenda.
