Sheikh Maktoum Sets Dh25 Billion For Investment Incentives In Dubai To Foster Economic Growth

The Executive Council of Dubai has endorsed several new initiatives to bolster its ambitious economic agenda, aiming to position Dubai among the top three urban economies globally by 2033. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, chaired the meeting and highlighted the emirate's strategic vision.

Sheikh Maktoum emphasised that under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai has crafted a robust and adaptable economic model. This model aims to make Dubai a premier global investment destination. He announced the Foreign Direct Investment (FDI) Development Programme, which allocates AED25 billion over ten years to attract AED650 billion in investments, directly supporting the D33 economic agenda.

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The Dubai Economic Model will employ 3,000 performance indicators to meticulously track the city's progress against its economic targets. This model includes an integrated framework with interactive dashboards and policy impact assessment reports. These tools will enable decision-makers to make data-driven decisions, enhancing transparency and boosting both consumer and investor confidence.

The project comprises three main components: a comprehensive database with over 3,000 indicators covering macroeconomic and sector-specific data; systems for measuring and forecasting economic performance; and economic reporting tools with interactive dashboards. These elements will help monitor Dubai's economic trends and support informed decision-making.

The FDI programme aims to attract international companies and support existing ones in Dubai by offering incentives worth AED25 billion over ten years. This initiative aligns with Dubai’s ambition to become one of the world’s top three economic cities by 2033. The programme will highlight Dubai’s competitive advantages such as its logistics infrastructure, strategic location, talent pool, and status as a global commercial hub.

Sheikh Maktoum stated, "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." He also noted that empowering individuals is crucial for any successful economic model.

Metro Station Area Development Plan

The Executive Council approved a plan to develop areas around Metro stations to enrich economic opportunities and improve sustainable transport efficiency. The plan includes incentives for developers to utilise plots around Metro stations to provide additional services. It supports the concept of the '20-minute city,’ aiming to increase Metro users and boost sustainability in Dubai.

Key goals include increasing public transport usage to 45%, reducing carbon emissions per capita to 16 tonnes, improving public spaces for walking, and increasing shaded areas. The plan also aims to diversify residential, commercial, office, and service spaces around Metro stations.

Social Initiatives

The Council also approved the 'Manbar’ programme as part of nationalisation efforts by the Department of Islamic Affairs and Charitable Activities. This programme aims to double the number of citizens working in mosques by providing them with necessary skills and qualifications. It supports family stability by empowering individuals economically.

The 'Ghras Al Khair’ programme will empower content creators by partnering with young influencers to promote societal values like tolerance and cohesion. This initiative supports educational campaigns in schools and universities while enhancing community awareness through digital campaigns.

Sheikh Maktoum added that "Dubai continues to lead in urban planning and sustainable urban mobility with residents able to access all key services through convenient, efficient and sustainable transport systems." He noted that these initiatives contribute significantly towards making Dubai one of the best places globally to live and work.

The Executive Council’s meeting was attended by H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority; among other dignitaries.

These initiatives reflect Dubai's commitment to fostering a diverse global city synonymous with vitality while maintaining core values through investment in people. They aim at achieving goals outlined in Dubai's Social Agenda 33 which promotes happy families proud of their identity.

With inputs from WAM