Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and Sheikh Ahmed bin Saeed Al Maktoum. Image Credit: Dubai Media Office

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, chaired a meeting of senior Dubai government officials at The Museum of the Future on Sunday.

Sheikh Hamdan and Sheikh Maktoum reviewed the roadmap for implementing the Dubai Economic Agenda ‘D33’, launched last week by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. D33 aims to double the size of Dubai’s economy over the next decade and consolidate its position among the top three global cities.

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Sheikh Hamdan and Sheikh Maktoum underscored the importance of achieving the ambitious Dh32 trillion target of D33 over the next 10 years.

They also reviewed the first 10 transformational projects of the D33. The 10-year D33 strategy seeks to establish Dubai as the world’s safest and most connected city and a preferred destination for major international companies and investments. D33 aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented nationals.

Sheikh Hamdan said: “The announcement of D33 consolidates Dubai’s development journey. We are ready to start implementing the vision immediately. 2033 will mark 200 years since the foundation of Dubai. We aim to make Dubai a global role model that can help realise people’s dreams and offer them the world’s best standard of living.”

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Key priorities

Sheikh Maktoum said that growing foreign trade and attracting more foreign direct investment (FDI), enhancing Dubai’s financial status, and encouraging youth to participate in new economic sectors are key priorities of the D33 agenda. “All sectors, including logistics, digital, legal, financial, and infrastructure, need to think out of the box during the next 10 years. Our ambitions today are much higher than before,” Sheikh Maktoum said.

The meeting was attended by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group; Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council; and Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), along with several ministers and senior government officials.

Ambitious targets

The value of the overall target set by the D33 is Dh32 trillion by 2033. The agenda will drive sustainable economic growth through innovative approaches. It sets ambitious goals, including raising the total value of foreign trade from Dh14.2 trillion in the past 10 years to Dh25.6 trillion and adding 400 cities as key trade partners during the next decade. The agenda includes a programme to support the growth of 30 companies in new sectors to become unicorns and integrate 65,000 young Emiratis into the workforce and the private sector.

The first set of projects of D33 includes Sandbox Dubai, which aims to make Dubai a significant hub for incubating business innovation by enabling the testing and marketing of new products and technologies. It also includes the Dubai Traders Project, which will empower a new generation of Dubai traders in various major growth sectors, driving growth in the city’s vibrant trading hub.

The agenda will include initiatives to empower the Emirati youth with future-ready skills. D33 aims to make Dubai a leading global hub for higher education to ensure that young Emiratis receive the highest quality of education without having to leave the country.

The first phase of the D33 projects includes launching the Dubai Green and Sustainable Industry Plan, which included benchmarking against the latest industry standards, supporting the export of green products, and adopting a framework for trading carbon credits in the Dubai Financial Market.