The $8.7 Trillion Dubai Economic Agenda (D33)
How is Dubai boosting commerce and international investment while cementing its position as a global hub?
The ten-year economic roadmap laid out by Dubai this January by Sheikh Mohammed bin Rashid Al Maktoum, The Vice President of the UAE and Ruler of Dubai, amplified the Emirates’ as well as the country’s overall ambition to position itself as a global business hub on the map. A plan aimed at doubling the economy by twice in the coming decade, becoming one of the top 3 economic cities in the world has been announced.
The Dubai Economic Agenda (D33) economic plan aims to increase investments and commerce throughout the coming decade. Over the following ten years, the Emirate wants to boost foreign investments making it up to 25 trillion Dirhams. The economic agenda, which includes 100 transformative projects and economic objectives totalling 32 trillion Dirhams over the next ten years, aims to attract FDI of over 650 billion Dirhams ($177 billion). With more than 300,000 investors already in Dubai, the UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum welcomed more investors and citizens to join them in their goal. The economic plan details how government expenditure would rise from 512 billion Dirhams in the previous decade to 700 billion Dirhams in the coming decade.
What does the D33 agenda include?
The agenda is supposed to drive sustainable economic growth through innovative approaches. By the end of the next ten years, D33 plans to add 400 cities to its list of major trading partners and introduce the Dubai Economic Corridors 2033 program, which will improve current economic links with Southeast Asia, Africa, and Latin America. It is also focused on boosting emphasis areas including human development, skills, and cutting-edge technology to restore the UAE’s status as the world leader in innovation, global competitiveness, and knowledge-based economies. The 10-year economic strategy seeks to create new economic value worth an average of AED 100 billion annually through digital transformation.
Making Dubai one of the top three worldwide tourist and business destinations by fostering an environment that is internationally competitive for business sustainability and lowering the cost of doing business across a variety of industries is listed as one of the agenda’s major targets. The agenda places manufacturing and logistics at the forefront. Dubai is intended to rank among the top four financial centres on the planet and the top five logistic hubs worldwide.
Unlike the other GCC countries in the vicinity that are embarking on positioning themselves as regional leaders, UAE is eyeing for becoming the global hub. Home to a diverse expatriate population from about 200 nations accounting for nearly 90% of the population, the UAE can offer a contenting option for making a bustling business hub.
What would this mean for new companies and established companies trying to expand in the UAE?
The business hub that UAE envisions to be is not only diverse offering a diverse talent pool but also in the effort to highly judicious visa policies and immigration laws, flexibility, and incentives for startups. It plans to support the growth of 30 unicorns by the end of the next decade. Among other initiatives, it will also enable SMEs by identifying 400 high-potential companies, supporting their capacity building, and supporting them to grow globally. The Dubai Traders project is expected to empower the new generation of traders in key sectors
Amidst a tremendous growth of technological innovations, Dubai has been a hotbed for tech startups and talent pools. With the ambitious $8.7 trillion economic plan laid ahead, businesses are well positioned to gain from the buzzing ecosystem of Dubai. Having a well-structured ecosystem rich with technological infrastructure, businesses should consider setting up or expanding their operations here in the UAE.
The UAE is a land of opportunity for entrepreneurs. RAG Global Business hub firmly believes in supporting entrepreneurs by helping them establish their business in the country and also enabling the existing ones to grow exponentially. Talk to our expert business consultants to know how we can help you set up, grow and scale. Get free consultation – call Toll Free number 800724249 or write to email@example.com