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23 July 2024

Maktoum bin Mohammed chairs Executive Council meeting, announces AED25 billion in new investment incentives


The Executive Council of Dubai has approved a series of new initiatives and programmes designed to support its ambitious economic agenda and make it one of the world’s top three urban economies by 2033.

Chairing the Council’s meeting, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Deputy Chairman of The Executive Council of Dubai, said, “Dubai, under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Ruler of Dubai, has designed a well-planned and agile economic model, positioning it as a top global destination for investment.”

Sheikh Maktoum announced the Foreign Direct Investment Development Programme, which earmarks AED25 billion over 10 years to help attract AED650 billion of investments to Dubai in direct support of the objectives of the D33 economic agenda.

He said, “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 announced the Dubai Economic Model, which will use 3,000 performance indicators to closely measure Dubai's development against its economic targets.

“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. Consequently, Dubai has become one of the best places in the world to live and work,” he added.

Sheikh Maktoum said, “The success of any economic model always starts with empowering the individuals as they are the ultimate beneficiary. Dubai is a diverse global city and an international commercial hub synonymous with vitality, diversity, and peaceful coexistence owing to the principles it upholds. At the same time, it maintains its core values and national identity by investing in people and launching initiatives to achieve the goals of Dubai's Social Agenda 33, which fosters happy, strong and tolerant families who are proud of their values and identity.”

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

Aiming to attract AED650 billion in FDI by 2033, in line with Dubai’s D33 economic agenda, the programme will offer incentives worth AED25 billion over 10 years. The programme aims to attract international companies and support the expansion of existing international companies with bases in Dubai, aligning with the emirate’s ambition to become one of the world’s top three economic cities. The FDI programme will highlight Dubai’s unique competitive advantages, such as its logistics infrastructure, strategic geographical location, talent pool, and its position as a competitive global commercial hub.

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

The project consists of three main components. First is a database that includes more than 3,000 indicators, covering macroeconomic data and sector-specific data for the emirate, as well as relevant global rankings and indicators. The second component comprises systems to measure and forecast economic performance indicators and assess the impact of local and global policies on Dubai's economy. The third element involves economic reporting tools and interactive dashboards that will monitor Dubai's economic performance and trends, supporting decision-makers to make informed decisions.

These tools will allow leaders and decision-makers to evaluate the impact of policies, measure performance in key sectors, enhance transparency, prioritise new policies’ rollout, and increase both consumer and investor confidence.

The model, overseen by the Department of Economy and Tourism, will study scenarios of economic performance indicators, while the Dubai Digital Authority will design a roadmap to activate the model by streamlining and automating data management processes, and accelerating data classification. Additionally, AI tools will be used to enhance the economic model's capabilities.

The Executive Council of Dubai also approved a plan for developing areas around Metro stations with the aim of enriching economic opportunities, interconnecting modes of public transport, and improving the efficiency and convenience of sustainable transport.

The plan provides incentives for developers to utilise plots in areas surrounding Metro stations so as to help provide additional services, support the concept of the ‘20-minute city’, increase the number of Metro users, and boost sustainability and quality of life in Dubai.

Some of the plan’s key aims include increasing the share of public transport to 45%, reducing carbon emissions to 16 tonnes per capita, improving the quality of public spaces to encourage walking, and increasing shaded areas. The plan also aims to boost populations around stations, enhance the diversity of residential, commercial, office, and service spaces around the Metro, attract users, and increase economic spaces.

The scope of the Metro station area development plan will expand from 64 stations currently operating over 84 square kilometres to 96 stations over 140 square kilometres by 2030. It aims to cover 140 stations over 228 square kilometres by 2040.

The Council approved the ‘Manbar’ programme that appoints local imams as part of the nationalisation initiatives adopted by the Department of Islamic Affairs and Charitable Activities. The programme aims to double the number of citizens working in mosques and empower them with the skills and qualifications needed. The programme helps meet the needs of the emirate’s mosques, and provides opportunities for citizens to participate in delivering prayers, the call to prayer, and delivering Friday sermons.

The programme provides citizens with all the training they need, in addition to opportunities to sponsor and train students for permanent appointments. All participants are comprehensively evaluated beforehand and until their graduation.

The programme supports the goals of Dubai Social Agenda 33, especially fostering happy, strong and tolerant families who are proud of their values and identity. It also supports family and social stability and empowers individuals, raising their economic contribution and helping them to achieve financial independence.

The ‘Ghras Al Khair’ programme, which will empower content creators, will partner with young influencers to contribute to society and champion the values of tolerance, harmony, cohesion and moderation in a way that strengthens national identity. The programme will also support educational initiatives in schools and universities along with digital awareness campaigns, in addition to launching interactive initiatives aimed at enhancing community awareness.

The programme supports the goals of Dubai Social Agenda 33 and will help foster safety and wellbeing in communities by increasing awareness of cultural core values and principles among young people.