Ruler aims to double size of economy to rival strongest cities in the world

Sheikh Mohammed bin Rashid has unveiled a plan to catapult Dubai into the world’s top cities by economic strength in the next 10 years.

The Vice President and Ruler of Dubai said the Dubai Economic Agenda (D33) plans to add billions of dirhams to the economy across more than 100 projects.

A key goal is placing Dubai in the top three cities by economic strength by 2033 and within the top four global financial centres. The city’s economy would double in the next decade, he said.

On Twitter, Sheikh Mohammed said the plan calls for new trade corridors with 400 cities around the world, with a key focus on Africa and South America.

The plan envisages a programme to support 30 private companies to achieve unicorn status ― worth more than $1 billion (about Dh3.67 billion). Other business incubators will support the growth of private companies, with 400 of the most promising identified.

The ability to test and market new products in a “sandbox Dubai” programme will benefit new companies, he said.

The D33 plan further seeks to bring 65,000 Emiratis into the labour market, while attracting new universities to the city, bolstering the higher education sector.

“We have adopted today the Dubai Economic Agenda ‘D33’ for the next 10 years, praise to God,” said Sheikh Mohammed, who on Wednesday celebrated 17 years as Ruler.

“During the next decade, we aim to double Dubai’s economy and be ranked among the world’s top three economic cities.

“Dubai Economic Agenda includes 100 transformative projects of which details will be announced, economic targets totalling Dh32 trillion for the next 10 years, foreign trade doubling to Dh25 trillion during the next decade and connecting Dubai with 400 new cities around the world through trade corridors,” he said.

“The goal of Dubai is to become one of the top four global financial centres within 10 years, attracting foreign direct investments exceeding Dh700 billion.”

“Our digital transformation will add Dh100 billion to Dubai’s economy annually. Our city has more than 300,000 investors. I invite you to join us in becoming one of the fastest growing cities in the world,” he added.

Today, the top financial centres are considered to be New York, London and Hong Kong, with Shanghai, Singapore and San Francisco typically next on the list.

Last month, Sheikh Mohammed set out the next phase of the city’s 2040 Urban Master Plan, with new housing and easier commuting among the top priorities.

These include include providing residents with everything they need ― shops, schools, offices and recreation ― within a 20-minute journey of their home.

The plan is intended to curtail lengthy commutes and boost the city’s status as a liveable destination.

First package of transformational projects – for the next decade

• Doubling the size of Dubai’s Foreign trade and adding 400 cities to Dubai’s Foreign Trade Map.
• Launching Dubai’s plan for Green and Sustainable manufacturing.
• Launching Dubai’s Future Economic Corridors 2033 with Africa, Latin America, South East Asia.
• Launching a scale-up programme for 30 companies to become global unicorns in new economic sectors.
• Integrating 65,000 young Emiratis into the job market.
• Launching Dubai Traders project to empower the new generation of traders in key sectors.
• Launching Dubai’s unified licence as a unique commercial identity for all companies all over Dubai.
• Launching “Sandbox Dubai” to allow testing and commercialisation of new technologies, making Dubai a major innovation hub.
• Launching a programme to attract the world’s best universities, making Dubai a global pioneering hub for higher education.
• Developing a Small and Medium Enterprises scale-up programme by identifying 400 high-potential companies, supporting their capacity building, and supporting them to grow globally.

Agenda objectives to consolidate Dubai’s position among the top 3 economic cities around the world

Foreign trade: From Dh14.2 trillion in the past decade to Dh25.6 trillion for goods and services in the next decade.

Foreign Direct Investment: From an average of Dh32 billion annually in the past decade to an average of Dh60 billion annually in the next decade to reach a total of Dh650 billion by 2033.

Government expenditures: From Dh512 billion in the past decade to Dh700 billion in the next decade.

Private sector investments: From Dh790 billion in the past decade to Dh1 trillion in the next decade.

The value of domestic demand of goods and services: From Dh2.2 trillion in the past decade to Dh3 trillion in the next decade.

Digital transformation: Dh100 billion annual contribution of digital transformation projects to Dubai’s economy.