HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, unveiled the Dubai Economic Agenda ‘D33’ with the ambitious goals of doubling the size of its economy over the next decade, and consolidating its position among the top three global cities, reported Wam.

 

The launch of the D33 Agenda formed part of the Prime Minster's annual address on the anniversary of his Accession Day today (January 4).

 

It includes the launch of innovative projects that will help achieve Sheikh Mohammed’s vision to make Dubai the world’s best city to live and work in. The value of the total targets set by the Dubai Economic Agenda ‘D33’ is AED32 trillion ($8.7 trillion) by 2033, said the report.

 

The Agenda will drive sustainable economic growth through innovative approaches, it added.

 

Speaking on the occasion, Sheikh Mohammed said: "In line with our long-standing tradition of launching key new initiatives on January 4, today we approved the Dubai Economic Agenda ‘D33’ that aims to double the size of Dubai’s economy in the next decade and consolidate its position among the top three global cities."

 

D33 also includes goals such as doubling the foreign trade to AED25.6 trillion and adding 400 cities as key trading partners over the next decade, he noted.

 

The Dubai ruler said the emirate will rank as one of the top four global financial centres with an increase in FDI to over AED650 billion over the next decade and an annual AED100 billion contribution from digital transformation. 

 

"Over 300,000 global investors in Dubai today are helping build Dubai into the fastest growing global city," stated the Premier.

 

"2033 will mark 200 years since the foundation of Dubai: the year in which Dubai will be the most important global business centre, and by then we would have completed the D33 Agenda. We know our economic path over the next decade. The world makes way for those who know what they want," he added.

 

The Dubai Economic Agenda aims to accelerate growth by investing in human development, skillsets and advanced technology and consolidating Dubai’s global competitiveness, innovation and knowledge-based economy.

 

It will invest in enhancing the advantages gained from Dubai’s strategic location and its advanced infrastructure to raise the city’s status as a preferred destination for major international companies and investments.

 

The ‘D33’ Agenda will see a growth in government expenditures from AED512 billion in the past decade to AED700 billion in the next decade, with increased investment in future growth sectors and further development of traditional trade and economic sectors, said the Wam report.

 

One of the pivotal goals of the ‘D33’ Agenda is to raise the competitiveness of the city’s thriving business sector, which will enable the increase of private sector investment from AED790 billion in the past decade to AED1 trillion by 2033.

 

The ‘D33’ Agenda also aims to increase the value of domestic demand of goods and services from AED2.2 trillion in the past decade to AED3 trillion in the coming decade, in line with Dubai’s vision for enhancing its vibrant trading sector and diversified economy, it stated.

 

Other objectives of ‘D33’ Agenda include generating new economic value from digital transformation, at an average of AED100 billion annually. 

 

The digital economy is a major pillar in the Agenda, with Dubai embarking on a new phase in which it seeks to pioneer and sustain the growth of an economy based on knowledge, innovation and future technologies, stated the report.

 

The Dubai Economic Agenda 2033 focuses on a set of key priorities for the next decade, including raising the value added of the industrial sector and promoting export growth, contributing to sustainable economic growth, and achieving self-sufficiency in a number of key sectors and industries, including manufacturing.

 

Other key priorities include making Dubai one of the five leading logistic hubs in the world, and one of the top four global financial centres.

 

The Agenda also seeks to increase the productivity of Dubai’s economy by 50 percent through innovation and digital solutions.

 

Moreover, the Agenda aims to integrate new generations of Emiratis into the private sector, making Dubai a hub for skilled workers, the fastest growing and most attractive global business centre, and an international hub for global multinational companies (MNCs) and national SMEs, said the Wam report.

 

Another key priority of the ‘D33’ Agenda is to make Dubai one of the top three international destinations for tourism and business by providing a globally competitive environment for business sustainability and driving down the cost of doing business across a number of sectors. The ‘D33’ agenda aims to enhance the city’s position as a fast-growing and attractive business hub with world-class quality of life and ensure the highest levels of security and safety for Dubai’s citizens and residents.

 

The Dubai Economic Agenda ‘D33’ seeks to add 400 cities as key trade partners and launch the Dubai Economic Corridors 2033 initiative, which will enhance existing foreign trade relations with Africa, Latin America and Southeast Asia.

 

The Agenda will include a programme to support the growth of 30 companies in new sectors to become global unicorns, and integrate 65,000 young Emiratis into the workforce and the private sector.