Dubai Unveils $8.7-Trillion 10-Year Economic Plan

KEY POINTS

Dubai is envisioned to be among the top four financial centers in the world by 2033
Sheikh Mohammed said the 10-year economic plan will double Dubai's economy in the next decade
The announcement comes a month after the Dubai ruler unveiled the city's 2030 Urban Master Plan

Dubai has unveiled its $8.7 trillion economic plan for the next decade. Dubai ruler Sheikh Mohammed bin Rashid al Maktoum tweeted on Wednesday his 10-year growth plan for the city, outlining some of the 100 "future transformational projects" included in the city's economic roadmap.

"Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion ($177 billion) over the next decade," he wrote on Twitter. "Over 300,000 global investors are helping build Dubai into the fastest growing global city."

Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion over the next decade. Over 300,000 global investors are helping build Dubai into the fastest growing global city pic.twitter.com/keoH7h2eik
— HH Sheikh Mohammed (@HHShkMohd) January 4, 2023

He said the Dubai Economic Agenda (D33) will add billions of dirhams to the economy of Dubai and place it in the top three cities by economic strength and within the top four global financial centers by 2033. He added that the plan will also double the city's economy in the next decade.

Among the projects included in the 10-year economic roadmap are the boosting of foreign trade from 14.2 dirhams in the last decade to 25.6 trillion dirhams in the next decade, the doubling of annual foreign direct investment to 60 billion dirhams annually, and boosting of government spending from 512 dirhams in the last decade to 700 billion.

Sheikh Mohammed also aims to boost private sector investments to 1 trillion in the next decade from 790 billion dirhams in the last. He also expects digital transformation projects to add 100 billion dirhams in annual contributions to the economy.

The unveiling of the 10-year economic plan comes days after Dubai announced the end of its 30% tax on alcohol to help boost tourism and business in the city. It also comes a month after Sheikh Mohammed announced the next phase of the city's 2030 Urban Master Plan, which aims to provide residents easier access to shops, schools, offices, and recreation through better housing and transportation.

While the city's economic goals have been met with some skepticism, finance experts in Dubai believe they are plausible. "It's ambitious, but there's no reason to doubt those targets given Dubai's economic history and records of reforms," said Nomura Asset Management's Middle East CEO Tarek Fadlallah.