Dubai on Wednesday announced a mammoth US$8,7 trillion economic plan for the coming decade, aimed at turbocharging trade, foreign investment and its place on the map as a global hub.
“Dubai will rank as one of the top four global financial centres with an increase in FDI to over AED 650 billion (US$177 billion) over the next decade,” Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai, tweeted. “Over 300 000 global investors are helping build Dubai into the fastest growing global city.”
The post outlined a few of the 100 “future transformational projects” included in the ten-year economic roadmap. Those include boosting foreign trade to 25,6 trillion dirhams from 14.2 trillion dirhams in the last decade, nearly doubling annual foreign direct investment to 60 billion dirhams yearly, and increasing government spending from 512 billion dirhams in the last decade to 700 billion in the next.
The plan also aims to bring private sector investments up from 790 billion dirhams in the last decade to 1 trillion in the next and pledged 100 billion dirhams in annual contributions to the economy from digital transformation projects.
Dubai aims to double the size of its economy in the next decade and become one of the “top 3 economic cities around the world,” the Sheikh’s tweet read.
The news comes just a few days after Dubai announced an end to its steep 30 percent tax on alcohol, a move that looks to have been made to boost tourism and business.
Recent years have seen the emirate — which is the glitzy commercial and tourism capital of the oil-rich United Arab Emirates — roll out a flurry of reforms aimed at making it more attractive for foreigners and international companies to live and invest.
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