The Emirate of Dubai unveiled an ambitious economic development plan Wednesday.
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said the Dubai Economic Agenda D33 has economic targets worth 32 trillion Emirati dirhams ($8.71 trillion) over the next 10 years. According to a press release from the Government of Dubai, notable aspects of the plan include:
- doubling Dubai’s foreign trade and opening trade with 400 additional cities
- launching a green and sustainable manufacturing plan
- launching “future economic corridors” with Africa, Latin America and southeast Asia
- finding jobs for 65,000 young Emiratis
- launching “Sandbox Dubai,” an initiative to test new and innovating technologies in the emirate
- identifying 400 “high potential” companies to support in terms of capacity and global growth
Today we approved the Dubai Economic Agenda - D33, that aims to double the size of Dubai’s economy in the next decade and consolidate its position among the top three global cities. pic.twitter.com/7hMpEYgdRj— HH Sheikh Mohammed (@HHShkMohd) January 4, 2023
The United Arab Emirates’ trade volume amounted to around $600 billion in 2022, according to The National.
Why it matters: The plan is in line with the major economic changes happening in Dubai and throughout the UAE. This month, Dubai dropped its tax on alcohol sales in part to appease foreigners. The use of solar energy in Dubai is also on the rise.
Last year, the Dubai International Finance Center launched an artificial intelligence license with the goal of attracting more AI and futuristic technology firms. The Dubai Financial Services Authority also announced an initiative to protect whistleblowers in an effort to reduce financial wrongdoing.
What’s next: In June, the first-ever corporate tax will come into effect throughout the UAE.