Yet again, Dubai is setting new benchmarks. This time, the emirate is aiming to double the size of its economy in the next 10 years.
The Dubai Economic Agenda ‘D33’ specifies combined economic targets of Dh32 trillion by 2033. D33 aims consolidate Dubai’s position among the top three global economic cities. His Highness (HH) Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the agenda on his 17th Accession Day anniversary.
Sheikh Mohammed said 2033 is when modern Dubai turns 200.
“2033 is also when we come will complete our D33 economic journey. We know our global economic position during the coming years. The world makes way for those who know what they want.”
In a Tweet he said: “Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion over the next decade. Over 300,000 global investors are helping Dubai build into the fastest growing global city.”
The Dubai Economic Agenda D33 includes 100 transformative projects, with economic targets of AED32 trillion over the next 10 years. This will double its foreign trade to reach AED25.6 trillion and adding 400 cities as key trading partners over the next decade.
The Dubai government will provide further details of the transformative projects. The Middle East has long dominated the energy landscape with the world’s largest oil reserves.
Now, this region is now aiming to be in the forefront when it comes to data centers and cloud adoption. Businesses across the Middle East are rapidly adopting new technologies, such as 5G, artificial intelligence and machine learning as part of their digitalization efforts.
Adoption of these technologies is driving an increase in data volume and network bandwidth requirements. All this is reflected in the projected growth of the market. MENA’s data center market is expected to expand into a thriving $12.19 billion industry by 2027.
This announcement by His Highness (HH) Sheikh Mohammed bin Rashid Al Maktoum is expected to give a fillip to Dubai’s emergence as a knowldege hub in the region.