Galadari Alerts: Dubai government launches the Dubai Economic Agenda ‘D33’
Galadari Alerts: Dubai government launches the Dubai Economic Agenda ‘D33’
On 4 January 2023, the Dubai government launched the Dubai Economic Agenda (‘D33’) with a view to grow the economy of Dubai by 2033 and position itself in one of the topmost global cities in the world. Located at the crossroads of Asia, Europe and Africa, Dubai has been a major gateway for international trade and commerce. Since 1971, Dubai’s economy has flourished and diversified with the support of a range of industries such as tourism, real estate, construction, oil and natural gas, financial services, and logistics to name a few.
With the onset of 2023, the Dubai government has set a new goal for itself with the introduction of D33. D33 aims to double the economy of Dubai by 2033. The D33 Agenda will see Dubai carry out 100 transformational projects, bringing its FDI to over AED 650 billion and its foreign trade to AED 25.6 trillion, reaching an economic goal of AED 32 trillion. 400 cities around the world will be key trading partners, with a contribution of AED 100 billion alone from digital transformation projects.
Under the D33 Agenda, Dubai is set to launch the following projects and schemes:
- Dubai Economic Corridors 2033: Enhance foreign trade with cities across Africa, Latin America, and Southeast Asia.
- Dubai Traders Project: Empower and support Dubai traders in key growing industries.
- Dubai Unified License: Under this scheme, businesses based in Dubai’s economic zones will receive a unique commercial identity. Further details on this new license scheme are yet to be announced.
- Sandbox Dubai: Dubai will become a significant incubator hub, encouraging business innovation and drawing inventors to test and commercialize innovative goods and technology.
- Dubai Project: Aims to establish Dubai as a major educational hub for the top institutions worldwide, and support 400 companies in their expansion and capacity building to promote the growth of SMEs.
- Assisting 30 businesses in various emerging industries to become unicorn corporations.
- Integrating 65,000 young Emiratis into Dubai’s private sector.
Many sectors and businesses are anticipated to see increased competition and growth because of the main projects and activities under the D33 Agenda. Additionally, as Dubai develops as a centre of finance and innovation, demand for goods and services from the Emirate will exponentially increase in the forthcoming years. With the D33 Agenda, Dubai has once again established its vision to be a leading market-hub for all major and upcoming industries.
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