UAE announces D33, Dubai's economic agenda for the next decade

Dubai has adopted 'D33', the Emirate's new economic agenda for the next ten years, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced.

Under D33, Dubai aims to double the size of its economy during the next decade and to be among the top three economic cities in the world. With the new initiative, Dubai aims to be one among the top four global financial hubs in the world, and attract over Dh650 billion as foreign direct investments over the next decade. Dubai will also draw a Dh100 billion contribution from digital transformation annually.

The D33 economic agenda includes the launch of innovative projects. The value of the total targets set by the initiative is Dh32 trillion by 2033. The program aims to drive sustainable economic growth through innovative approaches. "The Dubai Economic Agenda 'D33' will accelerate growth by investing in human development, skillsets and advanced technology and consolidating Dubai's global competitiveness, innovation and knowledge-based economy," Dubai Media Office said in a release.

"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 D33 agenda sets ambitious goals including raising the total value of foreign trade in goods and services from Dh14.2 trillion in the past 10 years to Dh25.6 trillion in the next decade. It also aims to raise the contribution of Foreign Direct Investment (FDI) to Dubai's economy 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 over the next 10 years.

The initiative will see a growth in government expenditures from Dh512 billion in the past decade to Dh700 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 D33 is to raise the competitiveness of the city's thriving business sector, which will enable the increase of private sector investment from Dh790 billion in the past decade to Dh1 trillion by 2033.

It also aims to increase the value of domestic demand of goods and services from Dh2.2 trillion in the past decade to Dh3 trillion in the coming decade. Other objectives of the program include generating new economic value from digital transformation, at an average of Dh100 billion annually.

The newly launched agenda 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. It also seeks to increase the productivity of Dubai's economy by 50 per cent through innovation and digital solutions.

Moreover, the agenda aims to integrate new generations of Emiratis into the private sector, making Dubai 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.