Dubai outlines plan to double the size of its economy in the next decade
Already recognised as the Middle East’s only global city and one of its most important economic hubs, Dubai’s latest strategic policy ranks among the most ambitious accelerated growth strategy ever pursued by a major economy anywhere on the planet.
The Dubai Economic Agenda (D33), launched in January by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has the dual goals of doubling the size of Dubai's economy over the next decade, while consolidating its position among the world’s top three global cities.
“The Dubai Economic Agenda includes 100 transformative projects, with economic targets of AED32 trillion 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,” explained Sheikh Mohammed.
Revealing details of the strategy, Sheikh Mohammed confirmed the plan would leverage Dubai’s position as the region’s biggest financial investment hub.
“Dubai will rank [among] the top four global financial centres with an increase in FDI to over AED650 billion (US$177bn) over the next decade and an annual AED100 billion (US$27bn) contribution from digital transformation. Over 300,000 global investors in Dubai today are helping build Dubai into the fastest growing global city”.
Tourism and hospitality industries to benefit
In good news for the city’s tourism and hospitality industries, D33 aims to establish Dubai among the top three tourism and business destinations within the next decade, boosting its appeal to new visitor source markets worldwide through a series of initiatives, headlined by its recently launched liveability strategy.
According to a government statement, the “agenda “aims to enhance the city’s position as a fast-growing and attractive business hub with world-class quality of life and ensure the highest levels of security and safety for Dubai’s citizens and residents”.
D33 will also support the launch of the Dubai Economic Corridors 2033 initiative, which will enhance existing foreign trade relations with Africa, Latin America and Southeast Asia.
Boost to foreign investment
The initiative will underpin the agenda’s ambitious goal to raise the total value of foreign trade in goods and services from US$3.87 trillion in the past 10 years to almost US$7 trillion by 2033.
It also aims to raise the value of Foreign Direct Investment (FDI) in Dubai’s economy to US$16 billion annually by 2033, up from US$8.7 billion today.
Other ambitious goals of the strategy include:
- Boosting private sector investment in Dubai’s economy to AED1 trillion (US$272bn) from AED790bn today;
- Increase the value of domestic demand for goods and services from AED2.2 trillion to AED3 trillion in the coming decade;
- Generate AED100bn in revenues annually from the city’s digital economy;
- Establish Dubai among the world’s top five logistic hubs and top four global financial centres
- Boost economic productivity by 50% through the implementation of new digital solutions.
“[The year] 2033 will mark 200 years since the foundation of Dubai: the year in which Dubai will be the most important global business centre, and by then we would have completed the D33 Agenda,” commented Sheikh Mohammed.
“We know our economic path over the next decade. The world makes way for those who know what they want.”