D33: Dubai will emerge as international financial hub
The Dubai Economic Agenda D33 will drive economic growth of the emirate and attract foreign direct investment, high net worth individuals and billionaires to enjoy a quality life style in one of the best modern cities in the world, economic experts say.
Saad Maniar, senior partner at Crowe UAE, termed the Dubai Economic Agenda realistic and said it will strengthen the emirate's position as an international financial hub.
“When Dubai promises, it delivers and we have seen that time and again. Therefore, I believe doubling of Dubai economy can also be achieved,” Maniar said.
“We have got excellent overall infrastructure and safe environment in Dubai but in order to attract quality people and mega investments, we got to have relevant laws and regulations to enable businesses to function with ease,” he said.
Atik Munshi, managing partner, Finexpertiza UAE, said doubling the Dubai economy in the next 10 years is an achievable target in view of the several steps which the Dubai and UAE government have taken in the last two to three years.
“There is a marked improvement in the various areas including long-term visas, amendment of laws, regulatory compliance measures, etc. We already see a rise in the resident population, and more are expected to make Dubai their home,” Munshi said.
“With the increase in population, the local consumption is bound to increase. Dubai enjoys a high reputation as one of the best places to live and work and this has been strengthened further with the commitment from the top. His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-president and Prime Minister of the UAE and Ruler of Dubai, is the key driver for the growth initiation and momentum. With the targeted increase in industrial production and increasing FDI, the growth is very likely to happen even earlier than the 10-year target,” he said.
Vijay Valecha, chief investment officer, Century Financial, echoing the similar views said the economic agenda will propel GDP growth of the emirate in line with the vision of the Rulers.
“Under D33, Dubai's new economic agenda, the emirate aims to double the size of its economy during the next decade and to consolidate Dubai's position among the top three global economic cities. Under the economic agenda, total economic targets will amount to Dh32 trillion over the next 10 years and include 100 transformative projects. The agenda also aims to double the foreign trade over the next decade to Dh25 trillion and add 400 new cities to its trading network,” Valecha said.
Announcing the agenda on his 17th Accession Day anniversary, Sheikh Mohammed aims for Dubai to be one among the top four global financial hubs in the world and attract over Dh700 billion as foreign direct investments (FDI) in the next 10 years. For reference, in the first half of 2022, Dubai witnessed FDI inflows of 13.72 billion and a record 492 FDI projects which generated 15,164 new jobs in first half of 2022.
“The ambitious target of Dh700 billion will certainly be welcomed by the citizens as it increases the prospects of new jobs and opportunities,” he said.