DUBAI SETS SIGHTS ON ECONOMIC SUPERMACY: UNVEILING D33
Date: 13-Feb-2024 | Category: News & Updates
The Dubai Social Agenda 33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, outlines a substantial AED 208 billion budget over the next decade. Structured around five key purposes it aims to create stable families, promote health, enhance education, provide social empowerment, and craft a city offering an enriched living experience. The agenda ambitiously includes doubling foreign trade, expanding global reach to 400 cities, and reinforcing Dubai as a major international economic hub through robust trade agreements and logistics infrastructure.
To ensure sustainability, the agenda includes a comprehensive plan to promote green and sustainable manufacturing practices. This program places strong emphasis on using environmentally friendly technology, aiming to boost economic growth and reduce environmental damage. Recognizing the importance of small and medium enterprises (SMEs), the agenda aims to identify and support 100 high-potential enterprises offering vital resources and mentoring for global expansion.
Transformative projects for 2024 include the allocation of 3,500 plots and 2,300 ready-to-move-in houses worth AED 5.5 billion in Latifa City. Sheikh Hamdan bin Mohammed's launched "Dubai Integrated Housing Center," operational from February, plays a pivotal role, offering 54 residential services under one roof through partnerships with government departments and private sector contributions.
Dubai aspires to rank among the world's top three cities in standard of living, with a particular focus on quality education, tripling Emiratis in the private sector, and facilitating land plots and loans for new Emirati families. Doubling new Emirati families in Dubai within a year remains a core encouragement.
Dubai's Economic Agenda 33 is not merely a set of objectives; it is a meticulously thought-out plan to boost the emirate's GDP. Initiatives like Sandbox Dubai (a pioneering initiative facilitating the testing and commercialization of new technologies) and partnerships with the world's best universities aim to position Dubai as a major innovation and education hub, fostering innovation.
Economic diversification is a cornerstone of the agenda focusing on key sectors such as manufacturing, logistics, finance, and tourism. Dubai aspires to be among the top three international destinations for tourism and business, fostering a globally competitive business environment while reducing operational costs. It also introduces a unified license serving as a unique commercial identity for all companies across the city. This streamlined process simplifies business setup, encourages entrepreneurship and enhances the ease of doing business.
The plan envisions a substantial boost in foreign trade targeting an increase from AED 14.2 trillion to AED 25.6 trillion, with an average annual foreign direct investment of AED 650 billion by 2033, fostering economic growth and innovation. It will make Dubai the fastest, safest, and most connected city in the world.