Dubai launches economic agenda with targets of US $8.7 trillion over the next 10 years

Friday, January 6, 2023

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.

 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 ‘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. The Dubai Economic Agenda ‘D33’ includes 100 transformative projects, with economic targets of AED32 trillion (US$8.7 trillion) over the next 10 years, doubling our foreign trade to reach AED25.6 trillion and adding 400 cities as key trading partners over the next decade.”

“Dubai will rank as one of the top four global financial centres with an increase in FDI to over AED650 billion over the next decade and an annual AED100 billion contribution from digital transformation. Over 300,000 global investors in Dubai today are helping build Dubai into the fastest growing global city.”

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 AED14.2 trillion in the past 10 years to AED25.6 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 AED32 billion annually in the past decade, to an average of AED60 billion annually in the next decade to reach a total of AED650 billion over the next 10 years.

The ‘D33’ Agenda will see a growth in government expenditures from AED512 billion in the past decade to AED700 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 AED790 billion in the past decade to AED1 trillion by 2033.

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