With 2033 set to celebrate two centuries of Dubai’s existence, the aptly-named D33 agenda has outlined H.H. Sheikh Mohammed’s vision for the nation’s next decade.
Taking place in January 2023, the initiative detailed Dubai’s targets, outlining a variety of ventures to drive growth, double its GDP, and cement its standing as an economic force. Such reforms ensure the region remains one of the world’s premier attractions for foreign investment, and builds a solid roadmap towards future economic growth.
global aims of d33
Dubai’s D33 agenda outlined a number of priorities as a focus for the next 10 years of business:
- To become one of the world’s top 3 destinations for tourism.
- To become one of the world’s top 4 financial centres.
- To become one of the world’s top 5 logistics centres.
- To compete with the world’s best regarding university education.
- To assist the growth of small/medium enterprises (SMEs).
- To increase economic productivity by 50%.
Dubai aims to push these targets forward by investing heavily in technology, the advancement of business skills, and human education. The vision sets out a philosophy of a sustainable, partly self-sufficient domestic economy, combined with an expansion of its overseas market.
BREAKDOWN OF PROPOSED PROJECTS
From a financial perspective, D33 aims to increase:
- Government spending from AED 512B | GBP 110B (last decade) to AED 700B | GBP 150B (next decade).
- Private sector investments from AED 790B | GBP 170B to AED 1T | GBP 215B.
- Foreign trade from AED 14.2T | GBP 3T to AED 25.6T | GBP 5.5T.
- Foreign direct investment (FDI) from AED 32B | GBP 6.8B per annum to AED 60B | GBP 12.9B per annum.
Such aims are to be realised across 100 separate transformational projects, including the following highlights:
EXPANDING FOREIGN TRADE
The kingdom seeks to establish trading partnerships with a further 400 cities across the world. Dubai’s excellent logistics infrastructure and diverse economy make it perfectly-placed to establish a reputation as a centre for worldwide trading.
INTRODUCING AN ECO-CONSCIOUS MANUFACTURING INITIATIVE
Green, eco-conscious initiatives are more sustainable methods of doing business, demonstrating that Dubai is committed to long-term growth. Not only is such an initiative a logical one for reasons of economic stability, it also serves to make Dubai even more attractive as a trading partner.
FORMING TRADE PARTNERSHIPS IN AFRICA, SOUTH-EAST ASIA, AND LATIN AMERICA
Launching ‘economic corridors’ in three new regions opens Dubai up to new business opportunities, further diversifying its economy, and enhancing its reputation as a worldwide collaborator.
ASSISTING DOMESTIC BUSINESSES TO BECOME GLOBAL UNICORNS
A global unicorn is any privately-owned business that’s valued at $1B or more. Dubai’s proposal will support 30 companies on their journey to realising this position. Given that the current number of global unicorns stands at just 1,431, such a drive shows the immense scale of Dubai’s economic ambitions.
INTRODUCING THE SANDBOX DUBAI CONCEPT
‘Sandbox Dubai’ will push for the testing of new technology in a further bid to inspire innovation, and set the region on course to becoming a leading economy in this area. With competition growing ever-more-fierce in the business world since the digital revolution, allowing tech start-ups to prosper is an increasingly important facet of successful economic management.
D33 also introduced the concept of ‘Emiratisation’, or specifically bringing 65,000 Emiratis into the national workforce. Such a move is a great complement to the investment initiatives aimed at attracting foreign workers into the country – studies have shown that the most diverse populations have a far greater propensity for innovation and growth.
ASSISTING THE SCALE-UP OF SMEs
Expanding sustainably is a challenge every business faces, and statistics demonstrate that 90% fail. In an ambitious move, Dubai is set to unveil its own dedicated scale-up programme, identifying 400 firms and assisting their growth on a global basis.
D33 CONTINUES DUBAI’S SUPPORT FOR FOREIGN INVESTMENT
Of particular interest to anyone considering Dubai’s potential as a real estate investment hub is the authorities’ continued support for foreign workers and retirees. The country recently removed its high tax rates on the purchase of alcohol, and moved its weekend from the traditional Islamic Friday/Saturday in favour of the more Western Saturday/Sunday.
Housing prices are expected to increase in 2024 by 5-7%, and rental yields presently sit around 5%. Compare such figures with the economic slowdown currently experienced by much of the world – in the UK alone, prices continue to rise, and a mere 0.9% economic lift is predicted for 2024.
With the UAE having already secured a spot in the Top 10 Global Residential Property Investments for 2024, Dubai offers investors an income tax-free haven with immense potential across its housing sector, and one of the brightest economic forecasts to be found anywhere in the world.
DUBAI’S ECONOMIC AGENDA: A BOLD VISION OF THE FUTURE
D33 may be an ambitious economic programme, but it’s a strategy that’s wholly in keeping with the region’s growth across the past two decades.
The agenda’s various elements build on the country’s already-firm economic foundations, whilst its futuristic vision is empowering to both locals and expats alike. Such an economic agenda details a clear roadmap towards global expansion, and the region’s live-work-play appeal grows ever-more-attractive as an investment hub.
If you’re looking to capitalise on the opportunities offered by Dubai’s dynamic real estate sector, ensure a smooth transition with our expert property advisors. Begin your investment journey with a free consultation, or reach out to leverage our decades of in-market experience today.