The Executive Council of Dubai has approved a series of new initiatives and programmes which aim to increase foreign direct investments (FDI) into the emirate and make it one of the world’s top three urban economies by 2033.
The Foreign Direct Investment Development Programme will allocate Dh25 billion ($6.8 billion) over 10 years, with the vision of attracting Dh650 billion ($177 billion) in FDI by 2033. Meanwhile, the city’s performance will be tracked through the Dubai Economic Model, which will use 3,000 performance indicators to closely measure Dubai’s development against its economic targets.
“Dubai has built an integrated, unique, and inspiring economic model, featuring advanced enablers and tools to enhance decision-making, create a broad array of promising opportunities, and attract top talents and global investment,” said H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Deputy Chairman of The Executive Council of Dubai.
The FDI programme aims to attract international companies and support the expansion of existing international companies with bases in Dubai. To do so, the programme will highlight Dubai’s unique competitive advantages, such as its logistics infrastructure, strategic geographical location, talent pool and its position as a competitive global commercial hub.
The Dubai Economic Model will use an integrated framework, interactive dashboards and policy impact assessment reports to measure progress against D33 targets, allowing decision-makers to make informed, data-based decisions.
The project consists of three main components. First is a database that includes more than 3,000 economic indicators. The second comprises systems to measure and forecast performance indicators and assess the impact of local and global policies on Dubai’s economy. The third element involves economic reporting tools and interactive dashboards that will monitor Dubai’s economic performance and trends, supporting decision-makers to make informed decisions.
The Executive Council of Dubai also approved a plan for developing areas around Metro stations with the aim of enriching economic opportunities, interconnecting modes of public transport, and improving the efficiency and convenience of sustainable transport.
Dubai remained the world’s top destination for greenfield foreign direct investment projects in 2023. That same year, the UAE attracted 45.4% of the total FDI flowing into Arab states, amounting to Dh248.3 billion in 2023.
