RIYADH: Dubai rolled out a 32 trillion dirham ($8.7 trillion) economic plan on Wednesday with targets to spur trade and investments over the next decade as it looks to double the size of the emirate's economy.
Also referred to as D33, the new agenda includes as many as 100 transformative projects in Dubai as the government wants to place the emirate among the top three economic cities in the world.
"We have more than 300,000 investors in Dubai and I invite everyone to join our journey to be one of the fastest growing cities in the world," Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai said in a tweet.
Under the plan, foreign trade is targeted to reach 25.6 trillion dirhams over the next ten years, up from 14.2 trillion dirhams in the past decade.
The ruler of Dubai also tweeted that the emirate is planning on attracting foreign direct investment at an average of 60 billion dirhams annually in the next decade to reach over and above 650 billion dirhams by 2033.
On the other hand, government expenditures are expected to reach 700 billion dirhams by 2033, when compared to the 512 billion dirhams in the previous ten years.
As for private sector investments, they are projected to hit 1 trillion dirhams in the coming decade, up from 790 billion dirhams in the past ten years.
The value of domestic demand for goods and services is forecasted to stand at 3 trillion dirhams by 2033, up from 2.2 trillion dirhams in the past decade.
Meanwhile, digital transformation will witness 100 billion dirhams as an annual contribution to digital transformation projects.
Similarly, in November, the UAE set out a plan to double its gross domestic product to 3 trillion dirhams by 2031 through driving up the country’s non-oil exports and tourism sector.
Unveiled by Sheikh Mohammed at the UAE Annual Government meetings held in Abu Dhabi, the "We The UAE 2031" plan has a focus on social, economic, investment and development aspects.