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Dubai launches plan to double the size of its economy over the next decade


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Dubai announced today, Wednesday, the launch of an economic plan worth 32 trillion dirhams ($8.7 trillion) with the aim of doubling the size of the emirate’s economy over the next ten years.

The UAE Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has announced Dubai’s D33 Economic Agenda, which includes 100 future transformational projects.

The plan includes doubling Dubai’s foreign trade to AED25.6 trillion ($6.9 trillion) by 2033 and attracting more than AED700 billion in foreign direct investment over ten years.

Sheikh Mohammed tweeted: “Our goal is to double the size of Dubai’s economy over the next decade and become one of the top three economic cities in the world.”

He added: “2033 is the year Dubai will become, God willing, the world’s most important economic center.”

Dubai will become one of the 4 most important global financial centers, and our goal is to attract foreign direct investment of more than 700 billion dirhams within 10 years, and digital transformation will add 100 billion dirhams to the Dubai economy annually. We have over 300,000 investors in Dubai… and I invite everyone to join our journey to become one of the fastest growing cities in the world.

— His Highness Sheikh Mohammed (@HHShkMohd) January 4, 2023

The economy of the Emirate of Dubai grew by 4.6% in the first nine months of 2022, with a total value of AED 307.5 billion, according to data released by the Dubai Government Media Authority.

Last November, the International Monetary Fund confirmed that the UAE economy has recorded “tremendous growth” in 2022.

At the time, the Fund expected GDP growth to increase to “more than about 6% in 2022, compared to 3.8% in 2021.”

Source: AFP.

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