Dubai announces Dhs25bn in new investment incentives

Image credit: WAM

Dubai on Sunday approved a mammoth $6.8bn (Dhs25bn) investment package for the coming decade. The package aims to turbocharge the emirate’s ambitious economic agenda and foreign investment while cementing its position as one of the world’s top three urban economies by 2033.

The foreign investment development programme is designed to attract Dhs650bn of investments to the emirate over the next ten years, supporting the D33 economic agenda.

The FDI programme aims to attract international companies and support the expansion of existing international companies domiciled in Dubai. It will underscore the city’s competitive advantages, such as its logistics infrastructure, strategic geographical location and talent pool.

“Dubai has built an integrated, unique, and inspiring economic model featuring advanced enablers and tools to enhance decision-making, create a broad array of promising opportunities, and attract top talents and global investment,” said Sheikh Maktoum bin Mohammed bin Rashid, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.

Sheikh Maktoum also unveiled the Dubai Economic Model, which will use 3,000 performance indicators to monitor the city’s development against its economic targets.

The model will use an integrated framework, interactive dashboards and policy impact assessment reports to monitor economic development and measure progress against D33 targets. The approach is expected to enable decision-makers to make informed and data-based decisions.

“The success of any economic model always starts with empowering the individuals as they are the ultimate beneficiaries. Dubai is a diverse global city and an international commercial hub synonymous with vitality, diversity, and peaceful coexistence, owing to the principles it upholds,” he added.

The project consists of three main components: a database that includes more than 3,000 indicators, systems to measure and forecast economic performance indicators, economic reporting tools, and interactive dashboards.

These tools are expected to allow leaders and decision-makers to evaluate the impact of policies, measure performance in key sectors, enhance transparency, prioritise new policy rollouts, and increase investor confidence.

The model, overseen by the Department of Economy and Tourism, will study scenarios of economic performance indicators. Similarly, the Dubai Digital Authority will design a roadmap to activate it by streamlining and automating data management processes.

Read: Dubai D33 agenda on track, GDP growth rises 3.3% from Jan-Sep 2023