His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the ruler of Dubai, declared that Dubai had embraced “D33,” the Emirate’s new economic agenda for the next ten years. Dubai’s D33 plan calls for doubling its economy over the next ten years and positioning it one of the top three global financial centres.
Dubai hopes to attract more than Dh650 billion in direct foreign investments in the coming ten years and rank amongst some of the top four financial centres in the world. The contribution limit from digital transformation to Dubai will be Dh100 billion.
Sheikh Mohammed stated, “Dubai has more than 300,000 investors, and I invite everybody to accompany our quest to become one of the fastest developing cities in the world.
The statement is made as Dubai marks Sheikh Mohammed’s 17th anniversary of becoming ruler.
The year 2033 will celebrate 200 years since Dubai’s founding; by then, we will have finished the D33 Agenda and Dubai is the most significant global business hub. “We are aware of our economic course for the next ten years.”
“Those who realize what they desire find a path in the world.”
The best environment for investment
Innovative project launches are part of the D33 economic agenda. By 2033, the initiative’s overall goals will have a value of Dh32 trillion. The initiative uses cutting-edge methods to promote sustainable economic growth.
The Dubai Media Office issued a statement saying that the “Dubai Economic Agenda, or D33,” “would accelerate growth by investing in people development, skillsets, and sophisticated technologies and cementing Dubai’s global competitiveness, innovation, and knowledge-based economy.” “The Agenda will spend in strengthening the benefits garnered from Dubai’s strategic position and its cutting-edge infrastructure to boost the city’s status as a desired locations for big international enterprises and investments,” reads a statement from The Agenda.
The D33 agenda outlines a number of challenging objectives, such as increasing the total value of international commerce in offerings from Dh14.2 trillion in the previous decade to Dh25.6 trillion in the following ten years. It also seeks to increase FDI, which contributed an equivalent of Dh32 billion annually to Dubai’s economy during the last ten years, to an aggregate of Dh60 billion per annum over the following ten years, for a total of Dh650 billion.
The effort will result in an increase in government spending from Dh512 billion over the previous ten years to Dh700 billion over the following ten years, with more money being invested in future growth industries and more work being done to enhance established trade and economic sectors.
Increasing the viability of the city’s thriving business sector is one of the key objectives of D33 because doing so would make it possible for private sector investment to rise from Dh790 billion in the previous generation to Dh1 trillion by 2033. Additionally, it aspires to boost domestic product and service demand from Dh2.2 trillion in the previous ten years to Dh3 trillion in the following ten years. Creating new economic value via digitalization, at a rate of Dh100 billion year, is one of the program’s other goals.
The recently unveiled agenda focuses on a number of important goals for the upcoming ten years, such as boosting the value decided to add of the manufacturing industry and cultivating export growth, promoting sustainable growth, and accomplishing self-sufficiency in a variety of key businesses and industries, such as manufacturing. Creating Dubai the one of the top 4 worldwide financial centres one of the top five global logistic hubs are two other main targets. It also aims to use technology and digital solutions to boost Dubai’s economy’s productivity by 50%.
The agenda also aspires to make Dubai a hub for international multinational corporations (MNCs) and national SMEs by integrating youth of today of Emiratis through into private industry.
Making Dubai one of top three international tourist and business destinations by fostering a competitive global business climate and lowering the cost to do business in a variety of industries is another highest concern of the D33 Agenda.
Initial round of projects
The project aims to expand existing international commercial contacts with Africa, Latin America, and Southeast Asia by adding 400 cities as significant trade partners and launching the Dubai Economic Corridors 2033 programme. In addition to integrating 65,000 young Emiratis into the workplace and the private sector, it will feature a programme to encourage the expansion of 30 businesses into new industries and help them become global unicorns.
D33 also includes a programme to encourage the expansion of SMEs by classifying 400 high-potential businesses and supporting their capacity-building, as well as the launch of the Dubai Project to draw the best universities in the world as part of the larger objective of creating Uae a largest multinational hub for higher education.