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Dubai on Wednesday announced an $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. 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.
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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 will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion ($177 billion) over the next decade,” Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai, tweeted.
Why it matters
Saudi Arabia’s rush to implement social reforms to make itself a more popular destination for foreigners has prompted competition with its smaller neighbour. Adding to the fact that Dubai lacks the oil and gas wealth of neighbouring Abu Dhabi. It has emerged as an economic success story by promoting itself as a low-tax and western-friendly business hub for the region.
