A ten-year economic program worth $8.7 trillion was launched in Dubai to transform the city into one of the world’s financial capitals.
This was announced by Sheikh Mohammed bin Rashid Al Maktoum of Dubai, writes CNBC.
“Dubai will enter the top four global financial centers with an increase in foreign direct investment to more than 650 billion dirhams (about $177 billion) over the next decade. More than 300,000 global investors are helping to transform Dubai into the fastest-growing global city,” Sheikh wrote on Twitter.
It is noted that some of the 100 future transformational projects included in the ten-year program are aimed at:
- increase in foreign trade to $7.1 trillion by 2033 from $3.9 trillion
- doubling of annual foreign direct investment to $16.6 billion per year
- an increase in government spending from $142 billion in the last decade to $195 billion in the next.
The plan also calls for an increase in private sector investment from $220 billion to $360 billion over the next decade and annual spending of $36 billion on digital transformation projects.
