Dubai sees Dh2 trillion non-oil trade by 2025
DUBAI FUTURE DISTRICT TO BE A HUB FOR NEW INITIATIVES
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
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.”
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.”
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.”
The Dubai Future District will see the Dubai World Trade Centre, Emirates Towers and the Dubai International Financial Centre connected via bridges.
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.