To strengthen its position as a major financial center, Dubai has unveiled an AED32 trillion ($8.7 trillion) economic plan that intends to double foreign trade and investment by 2033. The announcement was made by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
“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,” Sheikh Mohammed said via Twitter.
The announcement follows Sheikh Mohammed’s 17th year as Ruler of Dubai. Through the D33 economic plan, Dubai aims to position itself as the top four global financial hubs in the world, attracting over AED700 billion in foreign direct investments in the next 10 years.
Digital transformation will also contribute AED 100 billion to Dubai’s economy annually, through the agenda. “We have more than 300,000 investors in Dubai and I invite everyone to join our journey to be one of the fastest-growing cities in the world,” Sheikh Mohammed said.
“In 2033, Dubai will become the world’s most important economic hub, and will be the year in which we complete our economic journey (D33),” Sheikh Mohammed said, as Dubai turns 200 years in the next decade.
The Dubai ruler also said that the will be the world’s top economic centre. “We know our global economic position in the next years, and the world give way to those who know exactly what they really want,” he said. As per the new economic plan, the first package of transformational projects include:
- Doubling the size of Dubai’s foreign trade and adding 400 cities to Dubai’s foreign trade map
- Launching Dubai’s plan for green and sustainable manufacturing
- Launching Dubai’s Future Economic Corridors 2033 with Africa, Latin, America and South East Asia
- Launching a scale-up programme for 30 companies to become global unicorns in new economic sectors
- Integrating 65,000 young Emiratis into the job market
- Launching Dubai Traders project to empower the new generation of traders in key sectors
- Launching Dubai’s unified licence as a unique commercial identity for all companies all over Dubai
- Launching Sandbox Dubai to allow testing and commercialisation of new technologies, making Dubai a major innovation hub
- Launching a programme to attract the world’s best universities, making Dubai a global pioneering hub for higher education
- Developing a small and medium enterprises scale-up programme by identifying 400 high potential companies, supporting their capacity building and supporting them to grow globally
The objectives of the 100 transformational projects include:
- Foreign trade: From AED14.2 trillion in the past decade to AED25.6 trillion for goods and services in the next decade.
- FDI: From an average of AED32 billion annually in the past decade to an average of AED60 billion annually in the next decade to reach a total of AED650 billion by 2033.
- Government expenditures: From AED512 billion in the past decade to AED700 billion in the next decade.
- Private sector investments: From AED790 billion in the past decade to AED1 trillion in the next decade.
- The value of domestic demand of goods and services: From AED2.2 trillion in the past decade to AED3 trillion in the next decade.
- Digital transformation: The annual economic contribution of digital transformation projects to Dubai is AED 100 billion.
