Dubai has announced an AED 32 trillion ($8.7 trillion) economic plan, which aims to double foreign trade and investment by 2033, thus boosting its position as a global financial hub.
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 AED 32 trillion dirhams over the next 10 years, doubling our foreign trade to reach AED 25.6 trillion and adding 400 cities as key trading partners over the next decade,” Sheikh Mohammed said via Twitter.
“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.
The objectives of the 100 transformational projects include:
Foreign trade: From AED 14.2 trillion in the past decade to AED 25.6 trillion for goods and services in the next decade.
FDI: From an average of AED 32 billion annually in the past decade to an average of AED 60 billion annually in the next decade to reach a total of AED 650 billion by 2033.
Government expenditures: From AED 512 billion in the past decade to AED 700 billion in the next decade.
Private sector investments: From AED 790 billion in the past decade to AED 1 trillion in the next decade.
Domestic demand of goods and services: From AED 2.2 trillion in the past decade to AED 3 trillion in the next decade.
Digital transformation: AED 100 billion annual contribution of digital transformation projects to Dubai’s economy.
As per the new economic plan, the first package of transformational projects includes:
– 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 commercialization 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.