(MENAFN- Khaleej Times) Published: Wed 4 Jan 2023, 5:46 PM
A unified Dubai commercial licence and consolidated support for high-potential SMEs are among the first set of projects that will be launched as part of the 'D33' economic agenda.
The 'Dubai Unified Licence' will provide a unique commercial identity for all companies across economic zones.
Another project called 'Sandbox Dubai' aims to make the emirate a major hub for incubating business innovation by enabling the testing and marketing of new products and technologies.
These came as His Highness sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched D33, which aims to double the size of the emirate's economy over the next 10 years.
Sheikh Mohammed said the economic agenda includes 100 transformative projects.
Other projects in the first set Dubai Traders Project (DT33) will empower a new generation of traders in various major growth sectors, driving growth in the city's vibrant trading hub. Another programme will support the growth of 30 companies in new sectors to become global unicorns, and integrate 65,000 young Emiratis into the workforce and the private sector. A programme will promote the growth of SMEs by identifying 400 high-potential companies and support their capacity-building and global expansion. The Dubai Economic Corridors 2033 initiative will enhance existing foreign trade relations with Africa, Latin America and Southeast Asia. Agenda D33 also includes the launch of a project to attract the world's best universities, as part of a broader aim to make Dubai a leading global hub for higher education.
Ambitious goals D33 sets ambitious goals, including raising the total value of foreign trade in goods and services from Dh14.2 trillion in the past 10 years to Dh25.6 trillion in the next decade.
It aims to raise the contribution of FDI to Dubai's economy from an average of Dh32 billion annually in the past decade, to an average of Dh60 billion annually in the next.
It will see a growth in government expenditures from Dh512 billion in the past decade to Dh700 billion in the next, with increased investment in future growth sectors and further development of traditional trade and economic sectors.
One of the pivotal goals of the 'D33' Agenda is to raise the competitiveness of the city's thriving business sector. This will enable the increase of private sector investments from Dh790 billion in the past decade to Dh1 trillion by 2033.
The agenda also aims to increase the value of domestic demand of goods and services from Dh2.2 trillion in the past decade to Dh3 trillion in the next. This is in line with Dubai's vision for enhancing its vibrant trading sector and diversified economy.
Other objectives of the 'D33' agenda include generating new economic value from digital transformation, at an average of Dh100 billion annually. The digital economy is a major pillar in the agenda, with Dubai embarking on a new phase in which it seeks to pioneer and sustain the growth of an economy based on knowledge, innovation and future technologies.
Major priorities for the next decade The Dubai Economic Agenda 2033 focuses on a set of key priorities for the next decade, including raising the value of the industrial sector and promoting export growth; contributing to sustainable economic growth; and achieving self-sufficiency in a number of key sectors and industries.
Other priorities include making Dubai one of the five leading logistic hubs in the world, and one of the top four global financial centres. The agenda also seeks to increase the productivity of Dubai's economy by 50 per cent through innovation and digital solutions.
It aims to integrate new generations of Emiratis into the private sector; making Dubai a hub for skilled workers; the fastest growing and most attractive global business centre; and an international hub for global multinational companies (MNCs) and national SMEs.
Another key priority is to make Dubai one of the top three international destinations for tourism and business by providing a globally competitive environment for business sustainability and driving down the cost of doing business across a number of sectors. The agenda aims to enhance the city's position as a fast growing and attractive business hub with world-class quality of life and ensure the highest levels of security and safety for citizens and residents.
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