Sheikh Hamdan Reviews Dubai’s 10-year Economic Agenda

As part of the initiative to implement Dubai’s ten-year economic agenda, D33, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Chairman of the Executive Council and Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance met to review and discuss strategies related to the first ten transformation projects.

A high-profile meeting of the Dubai administrative officials was conducted to discuss the immediate plans that need to be taken to start off the first phase of D33.

Sheikh Mohammed announced the D33 agenda last week

Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of UAE, Vice President and Ruler of Dubai launched the ambitious economic plan on the 4th of January this year with a vision of doubling Dubai’s economy in the coming ten years.

This would ensure a position of Dubai among the top three city destinations of the world with an economic boost in all areas.

The decade-long plan is set to have a total investment value that’s worth around Dh 32 trillion which includes investing in over thirty private companies to help them achieve unicorn status and also promoting business incubators like Sandbox Dubai that will be providing support to almost four hundred smaller private companies who will be identified according to their performance potential.  

The D33 plan will also make efforts to make Dubai, one of the safest and economically robust cities that will become an investor’s haven.  Sheikh Hamdan and Sheikh Maktoum met with government officials at the Museum of the Future where they discussed a possible strategy channel for the first ten transformational projects.

This would include the setting up of a Green and Sustainable Industry plan for Dubai that is designed according to the latest industry standards. Successful implementation would boost green product exports while also establishing a progressive method for trading carbon credits in the Dubai Financial Market.

2033 is a crucial year in the history of Dubai as it marks 200 years since the foundation of the Emirates. So the leaders of Dubai are focusing on establishing Dubai as one of the world’s most desirable cities with great opportunities and a high standard of living.

In order to achieve this dream, the economy has to focus on some key areas like Foreign Direct Investments (FDIs); increasing foreign relations and trade; realizing the potential of youth and orienting them towards new and productive economic sectors etc. According to Sheikh Maktoum, these are some of the major priority areas for D33.

The existing economic sectors like finance, infrastructure, logistics and technology should strive to create innovative methods in this ten-year tenure to reach the vision of His Highness. 

As part of the larger Emiratisation policy and also to increase the quality of the educational sector in Dubai, the D33 plan would look at improving the higher education standards of Dubai. This will help the Emirati youth achieve high-quality education and life skills without the need to go to foreign lands for seeking good-quality education.

The Youth skill development programme is one the most important economic booster plans under Sheikh Mohammed’s leadership as he believes the Emirati youth holds the key to taking Dubai and the whole of UAE to the top of the world. During the International Youth Day speech last year, His Highness remarked that the youths are the “hope and treasure” of the nation and their success stories will transform into the success story of the UAE itself.

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Through the D33 plan, around 65,000 young Emiratis would be integrated into the Dubai workforce, especially the private sector and this would help shift the overall economic productivity to its next level by channelling the local talent pool with the dynamic international community of workers.   

Some of the other main goals of the D33 plan are to increase the trade partnership of Dubai with around four hundred new cities around the world and raise the trade worth from Dh 14.2 trillion achieved during the last ten years to Dh 25.6 trillion in the coming decade. All these programmes would be rolled out in different phases and through careful perusal by the Dubai administration. The decade-long development programme has been lauded by experts all over the world, but they are also aware of its ambitious nature.

However, most of them believe that Dubai is capable of pulling it off as is evident from their past performances in the area of economic development. Dubai was one of the few cities that pulled itself out of the economic slumber caused by Covid-19 and moved ahead within a very short span of time. Last year, when the rest of the world was gripped by global inflation and recession risks, Dubai made a major impact globally with promising economic development metrics that are predicted to continue through 2023 also.