Dubai Sheikh Mohammed bin Rashid al Maktoum announced the beginning of a ten-year economic program to transform the city into one of the world’s financial capitals
Mohammed bin Rashid Al Maktoum said Dubai will become one of the world’s top four financial centers with an increase in foreign direct investment to more than $177 billion over the next decade.
The sheikh approved 100 “future transformational projects” included in the ten-year program. They aim to increase foreign trade to $7.1 trillion by 2033 from $3.9 trillion in the last decade, double annual foreign direct investment to $16.6 billion a year, and increase government spending from $142 billion last decade to $195 billion next decade.
In addition, the plan also calls for an increase in private sector investment from $220 billion last decade to $360 billion next decade. It also includes annual spending of $36 billion on digital transformation projects.
Mohammed bin Rashid Al Maktoum noted that Dubai aims to double the size of its economy in the next decade and become one of the three most economically developed cities in the world.