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D33: Dubai will emerge as international financial hub

Economic experts welcome Dubai Economic Agenda and say economic targets of Dh32 trillion are expected to achieve well before year 2033

The Dubai Economic Agenda D33 will drive economic growth of the emirate and attract foreign direct investment, high net worth individuals and billionaires to enjoy a quality life style in one of the best modern cities in the world, economic experts say.

Saad Maniar, senior partner at Crowe UAE, termed the Dubai Economic Agenda realistic and said it will strengthen the emirate’s position as an international financial hub.

“When Dubai promises, it delivers and we have seen that time and again. Therefore, I believe doubling of Dubai economy can also be achieved,” Maniar told Khaleej Times.

“We have got excellent overall infrastructure and safe environment in Dubai but in order to attract quality people and mega investments, we got to have relevant laws and regulations to enable businesses to function with ease,” he said.

Atik Munshi, managing partner, FinExpertiza UAE, said doubling the Dubai economy in the next 10 years is an achievable target in view of the several steps which the Dubai and UAE government have taken in the last two to three years.

“There is a marked improvement in the various areas including long-term visas, amendment of laws, regulatory compliance measures, etc. We already see a rise in the resident population, and more are expected to make Dubai their home,” Munshi told Khaleej Times on Wednesday.

“With the increase in population, the local consumption is bound to increase. Dubai enjoys a high reputation as one of the best places to live and work and this has been strengthened further with the commitment from the top. His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is the key driver for the growth initiation and momentum. With the targeted increase in industrial production and increasing FDI, the growth is very likely to happen even earlier than the 10-year target,” he said.

Agenda to propel GDP growth

Vijay Valecha, chief investment officer, Century Financial, echoing the similar views said the economic agenda will propel GDP growth of the emirate in line with the vision of the Rulers.

“Under D33, Dubai’s new economic agenda, the emirate aims to double the size of its economy during the next decade and to consolidate Dubai’s position among the top three global economic cities. Under the economic agenda, total economic targets will amount to Dh32 trillion over the next 10 years and include 100 transformative projects. The agenda also aims to double the foreign trade over the next decade to Dh25 trillion and add 400 new cities to its trading network,” Valecha told Khaleej Times on Wednesday.

Announcing the agenda on his 17th Accession Day anniversary, Sheikh Mohammed aims for Dubai to be one among the top four global financial hubs in the world and attract over Dh700 billion as foreign direct investments (FDI) in the next 10 years. For reference, in the first half of 2022, Dubai witnessed FDI inflows of 13.72 billion and a record 492 FDI projects which generated 15,164 new jobs in first half of 2022.

New jobs creation

“The ambitious target of Dh700 billion will certainly be welcomed by the citizens as it increases the prospects of new jobs and opportunities. Meanwhile, the digital transformation is estimated to add Dh100 billion to Dubai's economy annually,” Valecha said.

“This isn’t the first time that Sheikh Mohammed has dedicated his Accession Day for a good cause. In 2022, ‘The Great Arab Minds initiative’, a Dh100 million project was launched to search for 1,000 Arab pioneers. In 2017, establishment of the UAE Food Bank was announced which distributes food and eliminates waste,” he said.

“In 2015, gratitude was expressed towards UAE Armed forces and ‘Guardians of the Nation’ Arabic hashtag was created. In 2013, labourers in the city were celebrated as the ‘unsung heroes’ while in 2011, plight of orphans was highlighted,” he said.

In the past 51 years, he said the UAE has made significant strides in medicine, education, technology, and society and became one of the top tourist destinations and a global hub for investments due to the remarkable economic and urban changes experienced.

“Today, the UAE has undergone a complete transformation into an economy based on future energy and knowledge developing globally. Nationwide attention has been drawn to innovative developments like in the educational, healthcare and space industry. Dubai’s new economic agenda reinforces the nation’s ambition of becoming a global economic player within the major financial groups,” Valecha said.

Futuristic agenda

Nimish Makvana, honorary director – UAE Chapter of The Institute of Directors (IOD), India and past chairman of The Institute of Chartered Accountants of India (Dubai) – Chapter NPIO, said the world has witnessed the futuristic, business friendly and inclusive leadership from the Ruler of Dubai.

“The agenda launched for the next 10 years to double the size of Dubai economy highlights the economic plans and what we can expect as residents of the beautiful city Dubai. This vision has put Dubai as one of the promising and most sought cities in the world,” he said.

Makvana, who is also past president of Indian Business and Professional Council (IBPC) – Dubai, and senior partner at Crowe UAE, said the world is evolving with challenges and unprecedented time and Dubai is promising Dh32 trillion economic targets by 2033.

“With ease of doing business, bringing a stronger regulatory framework with governance and transparency is instrumental to strengthen the confidence of not only business houses in Dubai and UAE but globally business houses looking at Dubai as the most preferred destination for growth. In times to come with initiatives by the Dubai government with foreign trade and flow of FDI the projected economic targets of Dh32 trillion are expected to achieve well before year 2033,” Makvana concluded.

— muzaffarrizvi@khaleejtimes.com