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Dubai New Economy Plan Which Targets 30 unicorns in a decade.

by Prerna

March 28, 2023 12

On Wednesday, Dubai unveiled a 32 trillion dirham ($8.7 trillion) economic plan with aims to boost trade and investments over the next decade as it seeks to double the size of the emirate’s economy. The new agenda, also known as D33, comprises up to 100 transformative projects in Dubai as the government strives to rank the emirate among the top three economic cities in the world.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, unveiled the Dubai Economic Agenda ‘D33,’ with the ambitious goal of doubling the size of Dubai’s economy over the next decade and consolidating its position among the top three global cities. ‘D33’ proposes total economic aims of AED 32 trillion (USD 8.7 trillion) for the next ten years, with the goal of doubling the size of Dubai’s economy and consolidating its position among the top three worldwide cities.

The Agenda’s lofty goals reflect his faith in the government team’s capabilities as well as the ability and skills of UAE nationals, the DET Director General added.

The objectives of the 100 transformational projects include:

• Foreign trade: From AED14.2tn in the past decade to AED25.6tn for goods and services in the next decade.
• FDI: From an average of AED32bn annually in the past decade to an average of AED60bn annually in the next decade to reach a total of AED650bn by 2033.
• Government expenditures: From AED512bn in the past decade to AED700bn in the next decade.
• Private sector investments: From AED790bn in the past decade to AED1tn in the next decade.
• The value of domestic demand of goods and services: From AED2.2tn in the past decade to AED3tn in the next decade.
• Digital transformation: AED100bn annual contribution of digital transformation projects to Dubai’s economy.

We have over 300,000 investors in Dubai, and I urge everyone to join us on our quest to become one of the world’s fastest expanding cities,” said Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, in a tweet. Foreign trade is expected to reach 25.6 trillion dirhams during the next ten years, up from 14.2 trillion dirhams in the previous decade, according to the plan.

The ruler of Dubai also tweeted that the emirate intends to attract foreign direct investment at a rate of 60 billion dirhams per year over the next decade, with a goal of exceeding 650 billion dirhams by 2033. Government spending, on the other hand, is predicted to exceed 700 billion dirhams by 2033, up from 512 billion dirhams in the preceding ten years.

Domestic demand for goods and services is expected to reach 3 trillion dirhams by 2033, up from 2.2 trillion dirhams in the previous decade. Meanwhile, digital transformation will see an annual contribution of 100 billion dirhams to digital transformation projects. Similarly, the UAE announced in November a strategy to increase its gross domestic product to 3 trillion dirhams by 2031 by increasing non-oil exports and tourism.