Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Dubai
Global investment

Dubai plans to become one of the world’s largest financial centers

12.04.2023
2 min read

Dubai implements economic transformation program

The authorities of the United Arab Emirates have unveiled a new strategy for transforming the economy, which will make Dubai one of the best financial centers in the world. The project is designed for 10 years and assumes the allocation of investments in the amount of 8.7 trillion dollars.
According to the Sheikh of Dubai, the city will become the fourth-largest financial center in the world. It is expected that the volume of foreign investments in the megapolis will exceed 177 billion dollars. The ten-year program includes the implementation of about a hundred projects that will boost foreign trade. It is expected to reach more than $7 trillion by 2033, compared to about $4 trillion in the previous 10 years.
In addition, annual direct investment is expected to grow almost twice as fast as today – up to $16.6 billion. At the same time, government spending will rise from $142 billion today to $195 billion.Dubai plans to increase direct investmentThe new economic program will stimulate the growth of private-sector investments. If the volume of investments in the last 10 years was 220 billion dollars, the authors of the program hope that in the next decade, it will be 360 billion dollars. In addition, this amount includes the cost of implementing projects in the digital sphere, which is estimated at 36 billion dollars per year. As noted by the authorities of the emirate, the main goal of the program is to increase the volume of the economy of Dubai two times. According to the Sheikh, the city has already attracted over 300 thousand investors from around the world, and their number is expected to grow in the coming years.
One of the steps in the economic transformation was the abolition of the 30% alcohol tax. This decision was dictated by the desire to stimulate the tourism sector and business development.
Some experts were more skeptical about the program’s goals. However, given Dubai’s track record in recent years, they are inclined to believe that most of the goals will be achieved. In addition, the authorities are allocating large sums of money to transform the country and its economy. For some time now, the UAE government has been implementing a strategy to reduce the country’s dependence on energy sales and make it attractive to foreign businesses and investments.
It should be noted that in Dubai 90% of the population are foreign citizens and all conditions are created for their life. In addition, the local authorities fully support the development of business, both local and international. Flexible legislation facilitates the conduct of business, and there are various preferential programs for the registration of companies. Special attention is given to the IT sector. There are modern hubs and incubators for IT professionals to learn, develop skills, and share experiences with colleagues.

Tags: Global investment
0
Previous Post Tallinn Stock Exchange evaluates its work for 2022 Next Post VWAP indicator: how to work with it

You Might Also Like

UK renewable energy
Global investment
Renewable energy as a priority for the UK
09.11.2024
Eightfold
Global investment
Startup Eightfold received an investment from SoftBank for the development of personnel search technology
07.03.2022
Apple Corporation
Global investment
Apple Corporation has increased its investments in the U.S. economy
16.01.2022
Foreign direct investment
Global investment
Foreign direct investment in China increases
09.10.2022
Foreign investment in the world
Global investment
How foreign investments are distributed in the world
28.05.2020
IRIS2 project
Global investment
IRIS2 project will help the EU to enhance security in the region
13.02.2025

Popular Posts

  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics