Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status

Dubai (United Arab Emirates)on Wednesday announced an $8.7 trillion plan for the coming ten years, the aim is at making trade, foreign investment, and its place on the map fast, exciting and interesting

“Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion ($177 billion) over the next decade.”

The ruler of Dubai, tweeted that, “over 300,000 global investors are helping build Dubai into the fastest growing global city.”

The post outlines a few transformational projects included in the economic roadmap. They include increasing other countries’ exchange rates to 25.6 trillion dirhams from 14.2 trillion dirhams in the past few years.
Increasing annual foreign direct investment to 60 billion dirhams yearly, increasing from 512 billion in the last decade to seven hundred billion.

The aim is also to bring private investments from 790 billion dirhams in the last decade to 1 trillion later.
Promised 100 billion dirhams in annual contribution to the economy from digital transformation projects.

Dubai aims to increase the size of its economy in the next 10 years and become one of the top 3 economic cities worldwide.

The news came in just a few days after Dubai announced an end to its unreasonable 30% tax on alcohol, a move that was probably made to boost tourism and business.

The sheer size of the city’s economic goal may draw some doubt, but finance experts in Dubai believe they are achievable.

“It’s ambitious, but there is no reason to doubt those targets given Dubai’s economic history and records of reforms,” Tarek Fadlallah Said.

Karim Jethalal said, “The numbers sound ambitious, but Dubai has never been short on ambition.”
As neighboring countries like Saudi open up and look to capture more regional business, Dubai has its eye on being a global hub.

For a long time, Dubai has been a hub for the Middle East but has lately made changes to set standards with other parts of the world.

An early rollout for the whole population in 2021 let Dubai return to “normal life” during the pandemic far earlier than most other places.

Dubai’s real estate is booming, and it was ranked as one of the world’s top cities for expats to live and work.

“As much of the world doesn’t look so great financially in 2023 with the speculation of recession being spoken about, the gulf states are generally set to flourish,” says Fadlallah.

“I think GCC is going through a golden age,” Fadlallah said, referring to the Gulf cooperation council states. Its economies have never been more significant, robust, diverse, and integrated into the economy.

- Published By Team Timeswire

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