Dubai is welcoming innovation, business, trade, and entrepreneurship through the D33 agenda
In the past few years, Dubai has emerged as a leading tourism and aviation hub. Additionally, the city is focused on the finance, digital, and space sectors. Now it is planning to rise as a formidable force by 2033 as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced the ten-year development plan, Dubai Economic Agenda or D33.
It is an ambitious plan with a goal to double the size of Dubai’s economy by 2033 and consolidate its position amongst the top three global cities. Dubai is welcoming innovation, business, trade, and entrepreneurship through the D33 agenda. In 2033 Dubai will reach the 200-year mark of its foundation.
By then, Mohammed bin Rashid envisions seeing the city as the most critical global business center. The D33 Agenda comprises 100 transformative projects and aims to add 400 cities as key trading partners over the next decade to double its foreign trade to AED25.6 trillion.
Innovation, entrepreneurship, and growth:
The first set of the decade-long development plan focuses on education, trade, SMEs, and technology. Besides adding 400 new trade partners, one of the top priorities of the D33 is to strengthen existing foreign trade relations with Africa, Latin America, and Southeast Asia. Hence, it is set to launch the Dubai Economic Corridors 2033 initiative. The Dubai Traders Project (DT33) will empower a new generation of Dubai traders in various major growth sectors, driving growth in the city’s vibrant trading hub.
Dubai also envisages becoming the leading global hub for higher education and will soon launch the Dubai Project to attract the world’s best universities. The emirate also aims to introduce a program that will promote the growth of SMEs by identifying 400 high-potential companies and supporting their capacity-building and global expansion. It is a step ahead in supporting local and homegrown businesses.
‘Sandbox Dubai’ is an intriguing project in particular that aspires to become a major incubation hub for startups, enabling the testing and marketing of new products and technologies.
Furthermore, the first set of the agenda incorporates the Dubai Unified License-a unique commercial identity for all companies across economic zones.
The D33 agenda will create massive job opportunities through a program that integrates 65,000 young Emiratis into the workforce and the private sector. It will also support the growth of 30 companies in new sectors to become global unicorns.
Seat for sustainability:
Dubai’s Economic Agenda is proof that sustainability and development can go hand in hand. It is a modern plan with a futuristic approach where sustainability lies at the core. The D33 agenda focuses on a green and sustainable manufacturing plan. It goes on to show Dubai’s commitment to sustainability. Dr. Mostafa Al Guezeri, managing director of Hitachi Energy, praised this initiative and lauded Dubai for its innovative approach and forward thinking.
A fresh wave of investment:
Tax experts welcomed the Dubai Economic Agenda with open arms. As Dubai is all set to encourage entrepreneurship, tax experts believe this will attract high-net-worth individuals (HNWIs) to invest in the city. Pankaj S. Jain, managing director of AskPankaj Tax Advisors, believes that the D33 will boost the emirate’s non-oil economy. He further adds that Dubai is destined to grow as taxation and economic partnership agreements with different countries fall in place.
Industry experts and stakeholders from various business verticals have come forward to congratulate His Highness. They are eagerly looking forward to transitioning through the D33 agenda. Several entrepreneurs and business leaders from the Indian community in Dubai are excited to be a part of the project. They are vesting complete faith in the visionary plan. The world will look forward to Dubai’s growth in the next decade as it arises powerful.