United Arab Emirates city Dubai aims to double the size of its economy in the next decade, making it the top 3 economic cities of the world.
Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai tweeted the investment announcement, stating that the $8.7 trillion is aimed at turbocharging trade, foreign investment and putting Dubai as the global hub of the world.
Sheikh Mohammed claims that the $8.7 trillion injection into the economy will result in an increase of $177 billion in foreign direct investment (FDI) over the next decade.
Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion over the next decade. Over 300,000 global investors are helping build Dubai into the fastest growing global city pic.twitter.com/keoH7h2eik
— HH Sheikh Mohammed (@HHShkMohd) January 4, 2023
The ten year economic plan aims to improve foreign trade from 14.2 trillion dirhams to 25.6 trillion dirhams. This while also increasing government expenditure from 512 billion dirhams in the last ten years to 700 billion in the next.
Digital economic transformation
The most important project in the economic plan is a digital economic transformation mission which seeks to improve private sector investments to 1 trillion dirhams in the next ten years.
Dubai is also seeking to make changes to make it more tourist friendly. This includes reducing the tax on alcohol, changing the weekend format to that more common in the west and a number of other things.
This plan all ties into the work Dubai is doing to establish itself as the top investment and global hub city of the world.
Although the plan seems very ambitious, a certain level of skepticism floats around the idea but Karim Jetha, chief investment officer at Dubai based Longdean Capital stated that Dubai has never been short of ambition and while other countries go after regional business, Dubai is setting its sights on the international market.
As the world is looking at a recovery period of the coronavirus and other factors in 2023, the Gulf Cooperation Council states look to go through a golden age with an ever growing economy, integrated into the global economy.