Fresh incentives coming for Dubai investors? The Executive Council of Dubai approved a new Foreign Direct Investment Development Program to help achieve its target of reeling in some AED 650 bn in foreign direct investment (FDI) by 2033, Deputy Ruler of Dubai Maktoum bin Mohammed said on X. The program will allocate AED 25 bn over the next decade for investment incentives — focusing on areas like logistics infrastructure and talent — that encourage international companies to establish or expand their presence in Dubai, Wam reports.
REMEMBER- Dubai ranked first in the world in terms of greenfield FDI projects for the third consecutive year in 2023. The emirate saw some 1k greenfield projects launched during the year, with AED 39.26 bn in capital flows.
AED 650 bn? The target was first announced as part of the D33 economic agenda launched in 2023, which aims to double the size of Dubai’s economy to AED 32 tn by 2033.
A new progress tracker: The council also signed off on the Dubai Economic Model to track the emirate’s progress towards its economic targets. The model will use 3k performance indicators, AI tools, as well as interactive dashboards to measure and forecast the emirate’s economic performance and assessment reports.
ALSO- More Metro stations: The Council approved a plan to develop the areas surrounding Dubai’s Metro stations, and expand the number of metro stations to 140 by 2040, up from 64 currently and 96 by 2030. The initiative involves Dubai’s government providing incentives to developers to use plots near metro stations, contributing to the emirate’s goal of becoming a 20-minute city and increasing metro ridership.
ICYMI- The new USD 4.9 bn Blue Line metro expansion is set to feature 14 new metro stations.
