According to Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism, the D33 plan, which aims to build an $8.7 trillion economy, is being implemented by Dubai without delay. Work on the ambitious plan to double foreign trade and investment by 2033 will start immediately, Al Marri said.
The D33 plan set out by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is set to further transform the emirate.
It will comprise 100 projects and has an economic target of AED32tn ($8.7tn) as the emirate aims to position itself among the top four global financial hubs in the world, attracting more than AED700bn (191bn) in foreign direct investments in the next 10 years. Announcing the project on social media, Sheikh Mohammed said: “The Dubai Economic Agenda D33 includes 100 transformative projects, with economic targets of AED32 trillion dirhams over the next 10 years, doubling our foreign trade to reach AED25.6 trillion and adding 400 cities as key trading partners over the next decade”.
The D33 Agenda paves the way for a new phase of development in the UAE, driven by ideas, innovation, enterprise, and new technologies, he noted. A key part of the D33 economy plan is for Dubai to support the growth of 30 firms to become unicorns in the next decade. A unicorn is a name given to a private company valued at more than $1 billion.
Helal Saeed Al Marri said the targets outlined in the Agenda represent the emirate’s determination to further consolidate its leadership on the global stage. He added that the city’s growth as a global economic and business hub has given rise to many remarkable success stories of enterprise and innovation.
“Dubai offers one of the world’s most fertile environments for investors and entrepreneurs to flourish. The extensive expertise that Dubai has gained in the course of its remarkable development journey provides a solid platform for the emirate to further raise its competitiveness,” he added.
To achieve the goals, 65,000 young Emiratis will be integrated into the workforce and the private sector. The D33 plan will also see the launch of Sandbox Dubai, which aims to make the city a major hub for incubating business innovation by enabling the testing and marketing of new products and technologies.
Dubai Traders Project (DT33) will empower a new generation of traders in various vital growth sectors, driving growth in the city’s vibrant trading hub. Al Marri said the new economic agenda covers various aspects of Dubai’s economic future. The D33 Agenda will feature initiatives to enhance the skills of young Emiratis so that they can meet the requirements of the job market of the future.
The journey that commenced 17 years ago on January 4, 2006 when Sheikh Mohammed bin Rashid became the Ruler of Dubai, has catapulted the city into the ranks of world’s leading metropolises. The ambitious goals of the Agenda reflect his confidence in the government team’s capabilities and the talent and skills of UAE nationals, the DET Director General further said.
The objectives of the 100 transformational projects include:
- Foreign trade: From AED14.2tn in the past decade to AED25.6tn for goods and services in the next decade.
- FDI: From an average of AED32bn annually in the past decade to an average of AED60bn annually in the next decade to reach a total of AED650bn by 2033.
- Private sector investments: From AED790bn in the past decade to AED1tn in the next decade.
- The value of domestic demand of goods and services: From AED2.2tn in the past decade to AED3tn in the next decade.
- Digital transformation: AED100bn annual contribution of digital transformation projects to Dubai’s economy.