Dubai Offers $6.81 Billion Incentive Programme to Lure FDIs
Supporting the objectives of D33 economic agenda, 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,” announced the Foreign Direct Investment (FDI) Development Programme, for which $8.81 billion was earmarked over 10 years, to help attract $176.97 billion of investments to Dubai.
Chairing the Council’s meeting, he said that 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.
“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.
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.”
FDIDP will offer incentives worth $6.81 billion over 10 years and 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.
Developing Metro Stations
“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 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.
It also 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.
