Dubai Announces A Mammoth $8.7 Trillion Financial Plan For The Coming Decade

Dubai recently announced a huge $8.7 trillion economic plan for the coming decade with the aim to give boost to trade, foreign investment and its global hub status.

The ruler of Dubai Sheikh Mohammed bin Rashid al Maktoum tweeted, “Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion ($177 billion) over the next decade. Over 300,000 global investors are helping build Dubai into the fastest growing global city.”

The post touched on some of the future transformational projects that are included in the decadal economic roadmap. It outlined boosting foreign trade to 25.6 trillion United Arab Emirates dirhams from 14.2 trillion United Arab Emirates dirhams in the previous decade, almost doubling yearly FDI to 60 billion UAE dirhams, and also increasing government expenditure from 512 billion UAE dirhams in the previous decade to 700 billion in the coming year.

The economic plan also targets to give push to private sector investments from 790 billion UAE dirhams in the previous decade to 1 trillion UAE dirhams in the coming decade and vowed 100 billion UAE dirhams in yearly contributions to the digital transformation projects.

Sheikh’s tweet read that Dubai targets to achieve twice the economy size in the coming decade and aims to be in the top 3 economic cities in the world.  Finance experts believe that the economic goals set by the Dubai are achievable.