His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the Dubai Economic Agenda 2033 (D33) with the ambitious goals of doubling the size of Dubai’s economy over the next decade, and consolidating its position among the top three global cities.
HH Sheikh Mohammed bin Rashid said: “In line with our long-standing tradition of launching key new initiatives on 4 January, 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”.
HH Sheikh Mohammed noted that the Dubai Economic Agenda ‘D33’ includes 100 transformative projects, with economic targets of USD8.7 trillion over the next 10 years, doubling Dubai’s foreign trade to reach USD6.9 trillion and adding 400 cities as key trading partners over the next decade”.
The Agenda aims to position Dubai as one of the top four global financial centres by increasing FDI to over USD176 billion over the next decade and an annual USD27.2 billion contribution from digital transformation.
Sheikh Mohammed added: “2033 will mark 200 years since the foundation of Dubai: the year in which Dubai will be the most important global business centre, and by then we would have completed the D33 Agenda. We know our economic path over the next decade. The world makes way for those who know what they want.”
An ideal environment for investment
The ‘D33’ Agenda includes the launch of innovative projects that will help achieve HH Sheikh Mohammed’s vision to make Dubai the world’s best city to live and work in. The value of the total targets set by the Dubai Economic Agenda ‘D33’ is USD 8.7 trillion by 2033. The Agenda will drive sustainable economic growth through innovative approaches.
The Dubai Economic Agenda ‘D33’ aims to accelerate growth by investing in human development, skillsets and advanced technology and consolidating Dubai’s global competitiveness, innovation and knowledge-based economy. The Agenda will invest in enhancing the advantages gained from Dubai’s strategic location and its advanced infrastructure to raise the city’s status as a preferred destination for major international companies and investments.
The Dubai Economic Agenda ‘D33’ sets ambitious goals including raising the total value of foreign trade in goods and services from USD 3.8 trillion in the past 10 years to USD 6.9 trillion in the next decade.
The ‘D33’ Agenda also aims to raise the contribution of Foreign Direct Investment (FDI) to Dubai’s economy from an average of USD 8.7 billion annually in the past decade, to an average of USD 16.3 billion annually in the next decade to reach a total of USD 176.9 billion over the next 10 years.
The ‘D33’ Agenda will see a growth in government expenditures from USD 139.3 billion in the past decade to USD 190.5 billion in the next decade, with increased investment in future growth sectors and further development of traditional trade and economic sectors.
One of the pivotal goals of the ‘D33’ Agenda is to raise the competitiveness of the city’s thriving business sector, which will enable the increase of private sector investment from USD 215 billion in the past decade to USD 272.2 billion by 2033.
The ‘D33’ Agenda also aims to increase the value of domestic demand of goods and services from USD 598.9 billion in the past decade to USD 816.7 billion in the coming decade, in line with Dubai’s vision for enhancing its vibrant trading sector and diversified economy.
Other objectives of the ‘D33’ Agenda include generating new economic value from digital transformation, at an average of USD 27 billion annually. The digital economy is a major pillar in the Agenda, with Dubai embarking on a new phase in which it seeks to pioneer and sustain the growth of an economy based on knowledge, innovation and future technologies.
Major priorities for the next decade
The Dubai Economic Agenda 2033 focuses on a set of key priorities for the next decade, including raising the value added of the industrial sector and promoting export growth, contributing to sustainable economic growth, and achieving self-sufficiency in a number of key sectors and industries, including manufacturing. Other key priorities include making Dubai one of the five leading logistic hubs in the world, and one of the top four global financial centres. The Agenda also seeks to increase the productivity of Dubai’s economy by 50% through innovation and digital solutions.
Moreover, the Agenda aims to integrate new generations of Emiratis into the private sector, making Dubai a hub for skilled workers, the fastest growing and most attractive global business centre, and an international hub for global multinational companies (MNCs) and national SMEs.
Another key priority of the ‘D33’ Agenda is to make Dubai one of the top three international destinations for tourism and business by providing a globally competitive environment for business sustainability and driving down the cost of doing business across a number of sectors. The ‘D33’ agenda aims to enhance the city’s position as a fast growing and attractive business hub with world-class quality of life and ensure the highest levels of security and safety for Dubai’s citizens and residents.
First set of projects
The Dubai Economic Agenda ‘D33’ seeks to add 400 cities as key trade partners and launch the Dubai Economic Corridors 2033 initiative, which will enhance existing foreign trade relations with Africa, Latin America and Southeast Asia.
The Agenda will include a programme to support the growth of 30 companies in new sectors to become global unicorns, and integrate 65,000 young Emiratis into the workforce and the private sector. The Dubai Traders Project (DT33) will empower a new generation of Dubai traders in various major growth sectors, driving growth in the city’s vibrant trading hub.
The first set of projects of the Agenda also include the Dubai Unified License that will provide a unique commercial identity for all companies across economic zones, and ‘Sandbox Dubai’, which aims to make Dubai a major hub for incubating business innovation by enabling the testing and marketing of new products and technologies.
Agenda ‘D33’ also includes the launch of the Dubai Project to attract the world’s best universities, as part of the broader aim of making Dubai a leading global hub for higher education, and a programme to promote the growth of SMEs by identifying 400 high-potential companies and supporting their capacity-building and global expansion.