Dubai sees Dh2 tril­lion non-oil trade by 2025

DUBAI FU­TURE DIS­TRICT TO BE A HUB FOR NEW INI­TIA­TIVES

Gulf News - - Front Page - BY MANOJ NAIR As­so­ciate Ed­i­tor

Dubai has cre­ated the blue­print to be a Dh2 tril­lion nonoil trad­ing hub by 2025, with a new “eco­nomic dis­trict” to be its fo­cal point.

“Dubai will be­come the world’s cap­i­tal of the new econ­omy,” said His Highness Shaikh Mo­ham­mad Bin Rashid Al Mak­toum, Vi­cePres­i­dent and Prime Min­is­ter of the UAE and Ruler of Dubai, in a tweet yes­ter­day.

The “Dubai Fu­ture Dis­trict” will be lo­cated in the stretch be­tween Emi­rates Tow­ers, Dubai World Trade Cen­tre and Dubai In­ter­na­tional Fi­nan­cial Cen­tre. The Dis­trict will host a new stock ex­change — the emi­rate’s third af­ter DFM and Nas­daq Dubai — tar­geted at “fu­ture econ­omy” com­pa­nies.

Also, busi­nesses based there will have ac­cess to a sin­glewin­dow clear­ance for li­cens­ing, fi­nanc­ing and con­sult­ing.“We have formed a team to de­velop a stim­u­lus, leg­isla­tive and lo­gis­ti­cal plan and open new mar­kets for our ex­ports to achieve the Dh2 tril­lion tar­get by 2025,” Shaikh Mo­ham­mad added.

Ab­dul­nasser Al­shaali, an econ­o­mist said: “The fu­ture be­longs to gov­ern­ments that can fore­cast and fore­see fu­ture trends and challenges. Dubai proves once again through Dubai Fu­ture Dis­trict and its as­so­ci­ated ini­tia­tives and Fund, a readi­ness to take on an­tic­i­pated fu­ture eco­nomic challenges.”

Dubai will be­come the world’s cap­i­tal of the new econ­omy.” Shaikh Mo­ham­mad

Dh1.3t level of Dubai’s trade vol­umes in 2018 Dh676b trade vol­umes pegged at in first six months of 2019

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Of­fices in five con­ti­nents to be set up to pro­mote city

Dubai is to set up a new “eco­nomic dis­trict” on Shaikh Zayed Road for the next gen­er­a­tion of busi­nesses, in much the same way the DIFC free zone el­e­vated the city’s sta­tus as a fi­nan­cial hub over the last two decades.

The Dubai Fu­ture Dis­trict will take up an area be­tween Emi­rates Fi­nan­cial Tow­ers, DIFC and Dubai World Trade Cen­tre.

In the re­cent past, there had been spec­u­la­tion that the area would be Dubai’s an­swer to Lon­don’s Ca­nary Wharf and the way it at­tracted a new wave of global busi­nesses to the city.

Dubai has also set its aim to be a Dh2 tril­lion (non-oil) trad­ing hub by 2025. In 2018, its trade vol­umes were pegged at Dh1.3 tril­lion, while in the first six months of 2019 it was at Dh676 bil­lion.

The Dis­trict will have busi­ness in­cu­ba­tors and fi­nanc­ing in­sti­tu­tions for New Econ­omy en­ter­prises. There will even be a “fu­ture economies” re­search cen­tre.

“We, at Dubai Coun­cil, will dou­ble our work in the next pe­riod — 2020 will be the year of ma­jor changes and real trans­for­ma­tions in our jour­ney to­wards the next 10 years,” said High Highness Shaikh Mo­ham­mad Bin Rashid Al Mak­toum, UAE Vice-Pres­i­dent and Prime Min­is­ter and Ruler of Dubai, in a tweet. “My mes­sage to the “strong” mem­ber of my team is to get ready for this jour­ney.”

New decade, new goal

In each of the pre­vi­ous decades, Dubai has re­cast it­self to be a fo­cal point of the global econ­omy. If the 1980s were about Jebel Ali Port and Free Zone, the ‘90s had Dubai In­ter­net City and Me­dia City, fol­lowed by the DIFC launch.

Each of these ini­tia­tives de­liv­ered new mar­kets and tar­get au­di­ences for Dubai, and by ex­ten­sion, to the UAE.

The lat­est an­nounce­ment will help “reach new au­di­ences, be it en­trepreneur­s, in­vestors and re­searchers in ad­di­tion to wider pop­u­la­tions,” said Alex Malouf, a com­mu­ni­ca­tions con­sul­tant.

“This will help push Dubai for­ward with new in­dus­trial — and cul­tural — pos­si­bil­i­ties.”

New ‘cap­i­tal’

Shaikh Mo­ham­mad states what those as­pi­ra­tions are — “We are the new cap­i­tal of the New Econ­omy,” he added on Twit­ter.

“We have is­sued di­rec­tive to en­hance our in­ter­na­tional pres­ence and es­tab­lish 50 of­fices for pro­mot­ing Dubai’s com­mer­cial, tourist and in­vest­ment po­si­tion in the five con­ti­nents. We aim to aug­ment our mer­chan­dise and cre­ative ex­ports, boost our tourism and in­vest­ment im­ports and hu­man com­pe­ten­cies.”

The Dubai Fu­ture Dis­trict was ap­proved yes­ter­day dur­ing the Dubai Coun­cil’s sec­ond meet­ing.

Adapt and flour­ish

Ac­cord­ing to Ab­dul­nasser Al Shaali, a UAE-based econ­o­mist, “The fu­ture be­longs to ag­ile gov­ern­ments that adapt and en­able their economies through ef­fec­tive in­vest­men­tand busi­ness-re­lated poli­cies to stay ahead in a highly com­pet­i­tive macroe­co­nomic en­vi­ron­ment.”

Brand ex­ten­sion

With the Dis­trict, Dubai will also be adding an­other facet to its al­ready es­tab­lished brand iden­tity.

“With lim­ited op­tions for se­ri­ous busi­ness growth else­where, and with the se­cu­rity and safety fi­nan­cial ven­tures re­quire, Dubai is def­i­nitely a haven for global brands of the fu­ture,” said Satish Mayya, CEO of BPG Maxus.

“Brand Dubai does not need to prove its busi­ness wor­thi­ness to the world.

“The proof is al­ready there to see in the pace at which global real es­tate, hos­pi­tal­ity and lux­ury brands con­tinue to move into Dubai. The new Dubai Fu­ture Dis­trict is set to build on all that with a much big­ger scope for in­dus­tries of the New Econ­omy.”

Dubai Me­dia Of­fice

The Dubai Fu­ture Dis­trict will see the Dubai World Trade Cen­tre, Emi­rates Tow­ers and the Dubai In­ter­na­tional Fi­nan­cial Cen­tre con­nected via bridges.

WAM

Shaikh Mo­ham­mad an­nounced yes­ter­day that the Dubai Fu­ture Dis­trict will take shape in the ■ city. It will have busi­ness in­cu­ba­tors and fi­nanc­ing in­sti­tu­tions for New Econ­omy en­ter­prises.

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