Dubai‘s Executive Council has approved a number of new projects and programs aimed at advancing its ambitious economic agenda and positioning the city-state as one of the top three global urban economies by 2033.
In order to directly support the goals of the D33 economic plan, Sheikh Maktoum unveiled the Foreign Direct Investment Development Programme, which is allocated Dh25 billion over a ten-year period to assist in luring Dh650 billion in investments to Dubai.
“Dubai has created an integrated, distinctive, and inspiring economic model, with cutting-edge enablers and tools to improve decision-making, generate a wide range of promising opportunities, and draw top talent and international investment,” he stated.
Additionally, he unveiled the Dubai Economic Model, which would rigorously monitor Dubai’s progress in relation to its economic goals using 3,000 performance metrics. With inhabitants having access to all essential services via practical, effective, and sustainable transportation networks, Dubai remains a leader in urban design and sustainable urban mobility. As a result, Dubai is now among the greatest places in the world to live and work, he continued.
“Any economic model that is successful must begin with the empowerment of the individual because they are the ultimate beneficiaries,” Sheikh Maktoum stated. Because of the values it promotes, Dubai is a multicultural metropolis and a major international trade center that is associated with life, diversity, and peaceful coexistence.
By making investments in people and starting programs to fulfill Dubai’s Social Agenda 33, which promotes happy, robust, and tolerant families that are proud of their principles and identity, it simultaneously preserves its fundamental values and sense of national identity.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority and Deputy Chairman of the Executive Council, as well as Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, attended the meeting of the Executive Council.
The FDI program will showcase Dubai’s distinct competitive advantages, including its talent pool, strategic location, logistics infrastructure, and standing as a competitive global commercial hub.
The New Economic Model for Dubai
The Dubai Economic Model will track economic development and evaluate success against D33 targets using an integrated framework, interactive dashboards, and policy impact assessment reports. With this technique, decision-makers will be able to make well-informed, fact-based decisions.
The project consists of three main sections. The first is a database that contains more than 3,000 indicators including macroeconomic and sector-specific information of the emirate along with relevant global rankings and indicators.
The second component consists of systems for economic performance indicator forecasts and measurement as well as assessments of how national and international policies affect Dubai’s economy.
In order to help decision-makers make educated decisions, the third component is made up of interactive dashboards and economic reporting tools that track Dubai’s economic performance and trends. With the use of these tools, leaders and decision-makers will be able to assess the effects of policies, gauge performance in important areas, improve transparency, give the introduction of new policies top priority, and boost investor and consumer confidence.
Development of Metropolitan Areas
The Dubai Executive Council has developed a plan for the improvement of neighborhoods surrounding Metro stations with the main aim of enhancing economic opportunities.
Increasing the percentage of public transportation to 45%, lowering carbon emissions to 16 tonnes per person, enhancing public places to promote walking, and expanding shaded areas are some of the main objectives of the plan.
In addition, the plan seeks to attract users, expand economic spaces, improve the variety of residential, commercial, office, and service areas surrounding the Metro, and raise population density near stations.
By 2030, there will be 96 stations covering 140 square kilometers under the Metro station area development plan, up from the existing 64 stations covering 84 square kilometers. By 2040, it wants to have covered 140 stations across 228 square kilometers.
A New Program Called “Manbar”
The Manbar program, which is a nationalization project of the Department of Islamic Affairs and Charitable Activities, was approved by the Council. It consists of the appointment of local imams. The program’s objectives are to double the proportion of citizens employed by mosques and provide them with the necessary training and credentials.
In addition to offering opportunities for residents to engage in leading Friday sermons, the initiative assists in meeting the needs of the emirate’s mosques.
In addition to offering people the chance to sponsor and train students for permanent appointments, the initiative gives individuals all the training they require. Each participant has a comprehensive evaluation both prior to and upon graduation.
The program contributes to the accomplishment of Dubai Social Agenda 33’s goals, which include fostering stronger, more welcoming families that are proud of their heritage and beliefs. It also gives individuals more power, which enhances their ability to contribute to the economy and helps them achieve financial independence. Another advantage it fosters is stability within families and society.
The “Ghras Al Khair” program will empower content creators to promote tolerance, peace, cohesiveness, and moderation with the aid of young influencers. These outcomes will positively affect society and strengthen national identity. The initiative will fund educational programs that encourage digital awareness in addition to creating interactive projects that seek to raise community awareness.