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Dubai unveils $8 trillion economic plan

Dubai's plan includes measures to boost its foreign trade, sustainability and position as a tech hub.
This picture taken on May 9, 2021 shows a view of the Dubai city skyline as seen from the Burj Khalifa, currently the world's tallest building at 828 meter.

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

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. 

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