The Executive Council of Dubai has approved a series of new initiatives and programs designed to support its ambitious economic agenda and make Dubai one of the world’s top three urban economies by 2033.
Chairing the Council’s meeting, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Deputy Chairman of The Executive Council of Dubai, said that under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai has designed a well-planned and agile economic model, positioning it as a top global destination for investment.
FDI Development Program
Sheikh Maktoum announced the Foreign Direct Investment (FDI) Development Program, which will earmark AED25 billion ($6.8 billion) over 10 years to help attract AED650 billion ($176.96 billion) of investments to Dubai in direct support of the objectives of the D33 economic agenda. This program will offer incentives to attract international companies and support the expansion of existing international companies with bases in Dubai, aligning with the emirate’s ambition to become one of the world’s top three economic cities.
Dubai Economic Model
Sheikh Maktoum also announced the Dubai Economic Model, which will use 3,000 performance indicators to closely measure Dubai’s development against its economic targets. This integrated framework, with interactive dashboards and policy impact assessment reports, will enable decision-makers to make informed, data-based decisions.
Sheikh Maktoum said, “Dubai has built an integrated, unique, and inspiring economic model, featuring advanced enablers and tools to enhance decision-making, create a broad array of promising opportunities, and attract top talents and global investment.”
“Dubai continues to lead in urban planning and sustainable urban mobility with residents able to access all key services through convenient, efficient and sustainable transport systems. Consequently, Dubai has become one of the best places in the world to live and work,” Sheikh Maktoum added.
Sheikh Maktoum said, “The success of any economic model always starts with empowering the individuals as they are the ultimate beneficiary. Dubai is a diverse global city and an international commercial hub synonymous with vitality, diversity, and peaceful coexistence owing to the principles it upholds. At the same time, it maintains its core values and national identity by investing in people and launching initiatives to achieve the goals of Dubai’s Social Agenda 33, which fosters happy, strong and tolerant families who are proud of their values and identity.”
Developing areas around metro stations
The Executive Council also approved a plan for developing areas around Metro stations to enrich economic opportunities, interconnect modes of public transport, and improve the efficiency and convenience of sustainable transport. The plan further aims to increase the share of public transport to 45 percent, reduce carbon emissions, improve the quality of public spaces, and boost populations and economic activity around Metro stations.
Read more: Dubai’s economy soars: 3.2 percent growth in H1 2023, reaching AED223.8 billion
‘Manbar’ Program
Additionally, the Council approved the ‘Manbar’ program, which appoints local imams as part of the nationalisation initiatives adopted by the Department of Islamic Affairs and Charitable Activities. This program aims to double the number of citizens working in mosques and empower them with the skills and qualifications needed.
‘Ghras Al Khair’ Program
The ‘Ghras Al Khair’ program will also be launched to empower content creators and partner with young influencers to contribute to society and champion the values of tolerance, harmony, cohesion and moderation, in line with the goals of the Dubai Social Agenda 33.
For more economy news, click here.
