Dubai has set an ambitious target to attract AED650 billion ($177 billion) in foreign direct investment (FDI) by 2033, supported by the Dubai Executive Council.
Dubai's Ambitious Plan for Investment and Development
This goal is part of the broader D33 economic agenda, which aims to position Dubai as a leading global investment destination.
The Dubai Executive Council, chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, has launched the Foreign Direct Investment Development Program. This initiative allocates AED25 billion ($6.8 billion) over the next decade to stimulate FDI and support the D33 economic agenda. The program is designed to highlight Dubai's unique advantages, such as its strategic location, advanced logistics infrastructure, and skilled talent pool. It aims to attract new international companies and support the expansion of those already established in Dubai.
The Dubai Economic Model
Sheikh Maktoum announced the Dubai Economic Model, which will utilize over 3,000 performance indicators to monitor and measure Dubai's economic progress. This model will incorporate an integrated framework, interactive dashboards, and policy impact assessment reports to ensure that Dubai meets its economic targets. These tools will enable data-driven decision-making and provide insights into the impact of policies, helping to enhance transparency and boost investor and consumer confidence.
In addition to boosting FDI, the Executive Council has approved plans to develop areas around Dubai Metro stations. This initiative aims to enrich economic opportunities, improve the interconnection of public transport modes, and enhance the efficiency and convenience of sustainable transportation. Dubai continues to lead in urban planning and sustainable urban mobility, making it one of the best places in the world to live and work. The development around Metro stations is expected to further enhance Dubai’s appeal as a global commercial hub.
Empowering Individuals and Promoting National Identity
Sheikh Maktoum emphasized the importance of empowering individuals as the cornerstone of any successful economic model. Dubai aims to maintain its core values and national identity while fostering a diverse and tolerant society. The initiatives under Social Agenda 33 are designed to build happy, strong, and proud families, ensuring that the city’s progress benefits all its residents.
Integrated Economic Monitoring and AI Integration
The Dubai Economic Model will be managed by the Department of Economy and Tourism, in collaboration with the Dubai Digital Authority. It will feature a comprehensive database of macroeconomic and sector-specific indicators, systems for measuring economic performance, and tools for economic reporting and forecasting. AI technology will be leveraged to enhance the model's capabilities, streamline data management processes, and accelerate data classification. This integration aims to provide real-time insights and support strategic decision-making.
Dubai’s multifaceted approach to economic development includes creating a conducive environment for FDI, enhancing urban infrastructure, and leveraging advanced technologies. By focusing on sustainable development and data-driven strategies, Dubai aims to maintain its position as a top global destination for investment and innovation. The comprehensive framework outlined by the Executive Council reflects Dubai’s commitment to achieving its ambitious economic goals and providing a high quality of life for its residents.