D33 initiative targets doubling Dubai’s economy by 2033

The Dubai government has launched the Dubai Economic Agenda ‘D33’ initiative, which aims to double the size of the emirate’s economy over the next decade and consolidate its position among the top three global cities.

At the launch, Vice President, Prime Minister and Ruler of Dubai Mohammed bin Rashid Al Maktoum said the 10-year strategy seeks to establish Dubai as the world’s safest and most connected city and a preferred destination for major international companies and investments.

He said D33 aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented nationals.

Hamdan bin Mohammed, Crown Prince of Dubai, said: “The announcement of D33 by His Highness Sheikh Mohammed further consolidates Dubai’s development journey. We are ready to start implementing His Highness’ vision immediately. 2033 will mark 200 years since the foundation of Dubai. We aim to make Dubai a global role model that can help realise people’s dreams and offer them the world’s best standard of living.”

Minister of Finance Maktoum bin Mohammed said that growing foreign trade and attracting more foreign direct investment (FDI), enhancing Dubai’s financial status, and encouraging youth to participate in new economic sectors are key priorities of the D33 agenda. “All sectors, including logistics, digital, legal, financial, and infrastructure, need to think out of the box during the next 10 years. Our ambitions today are much higher than before,” he said.

D33 is designed to grow Dubai’s economy to AED32 trillion ($8.7 trillion) by 2033. The targets it sets include raising the total value of foreign trade from AED14.2 trillion to AED25.6 trillion, adding 400 cities as trade partners during the next decade.

It also includes a programme to support the growth of 30 companies in new sectors and integrate 65,000 young Emiratis into the workforce and the private sector.

One of the initial D33 projects is Sandbox Dubai, which aims to make Dubai an important hub for business innovation by enabling the testing and marketing of new products and technologies. Another is the Dubai Traders Project, which will empower a new generation of Dubai traders in various major growth sectors, driving growth in the city’s trading hub.

Also to be launched in the first phase of D33 projects is the Dubai Green and Sustainable Industry Plan, which includes benchmarking against the latest industry standards, supporting the export of green products, and adopting a framework for trading carbon credits in the Dubai Financial Market.

 

UAE economy rides out Covid storm

The UAE economy has ridden out the economic impact of the Covid-19, with short-term economic growth strong, underpinned by a rebound in domestic activity, according to the International Monetary Fund (IMF).

Jihad Azour, Director of Middle East and Central Asia Department at the IMF, said: “Economic growth has been robust this year, led by a strong rebound in tourism, construction, and activity related to the Dubai World Expo, as well as higher oil production in line with the OPEC+ production agreements. The economic recovery is gaining momentum driven by return of the economic cycle.”

According to the latest IMF review, UAE GDP growth is projected to be 6% in 2022, up from 3.8% in 2021. The report said inflation is rising in line with global trends and is expected to average just over 5% in 2023.

He added: “We expect non-hydrocarbon growth to be around 4% in 2023 and to accelerate over the medium-term with the implementation of ongoing reforms. Inflationary pressures are projected to moderate gradually, including from the impact of tightening financial conditions. Further development of domestic capital markets, including through the issuance of local currency debt by the federal government will also support growth.”