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Dubai Announces A New ‘Double’ Economy Plan.

by Prerna

March 27, 2023 1

Dubai’s ambitious aim to double its economy in the next decade underscores the emirate’s ongoing commitment to economic growth and development. To encourage innovation and generate new opportunities for businesses and individuals, the strategy calls for investments in important sectors such as tourism, trade, logistics, and technology.

Dubai will need to focus on strengthening its infrastructure, developing a business-friendly climate, and attracting more foreign investment to attain this goal. The government has already taken steps to bolster these efforts, such as enacting new laws and regulations to encourage investment and entrepreneurship.

The new economic plan would also add 400 cities to Dubai’s list of commercial partners, expanding international commerce by 44% to 25.6 trillion dirhams over the next decade. According to Sheikh Mohammed, foreign direct investment in Dubai will top 650 billion dirhams within the next ten years. Dubai revealed an ambitious strategy on January 4 to increase foreign commerce and investment and treble the size of its economy by 2033.

Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, launched the Dubai Economic Plan, dubbed “D33,” in a series of tweets, with aims totaling 32 trillion dirhams ($8.7 trillion). Sheikh Mohammed claimed in a post that the plan will “increase the size of Dubai’s economy in the next decade and solidify its position among the top three global cities.” He tweeted that the goals would be met through “100 revolutionary projects.”

The new economic plan would also add 400 cities to Dubai’s list of commercial partners, expanding international commerce by 44% to 25.6 trillion dirhams over the next decade. According to Sheikh Mohammed, foreign direct investment in Dubai will top 650 billion dirhams within the next ten years.

Despite warnings that a third of the world’s economy will enter recession in 2023 due to decreasing growth in the United States, the European Union, and China, the International Monetary Fund forecasted “strong” economic growth in the UAE in November, with GDP growth of 6% foreseen in 2022. Dubai’s GDP was 307.5 billion dirhams in the first nine months of 2022, representing a 4.6% increase over the same period in the previous year. While tripling its economy in the next decade is an ambitious goal, Dubai has a history of delivering significant economic development. With the appropriate policies and investments in place, the emirate may be able to achieve this aim while remaining a major worldwide centre for business and innovation.

Furthermore, Dubai is well-known for its strong emphasis on innovation, having already made considerable investments in emerging technologies such as artificial intelligence, blockchain, and fintech. These projects are expected to have a significant influence in the emirate’s economic growth during the coming decade.