Dubai releases country's economic strategies and goals until 2033

At the end of 2023, Dubai hosted the Business Forum 2023, an international event that highlighted the economic diversification of the United Arab Emirates, seeking to demystify its historical dependence on oil. With oil activity representing less than 2% of Dubai's GDP, in contrast to Abu Dhabi's almost 50%, the forum highlighted the technology and innovation sectors, reflecting an incentive policy that mixes the public and private sectors.

Held at the Madinat Jumeirah complex, the event attracted 2,000 delegates from 49 countries, including business leaders, investors and economists. With 24 plenaries, a main arena and TED Talk-style presentations, the forum provided networking opportunities, resulting in more than 550 scheduled virtual meetings and more than 20 closed deals, including an agreement with Mastercard to establish a “hub“ of innovation in artificial intelligence in the Emirates.

Discover the Dubai Business Forum

The Dubai Business Forum 2023, themed “Shifting Economic Power: Dubai and the Future of Global Trade”, was organized around four pillars: globalization, foreign direct investment, digital transformation and emerging markets. The event reflected the growth trend of emerging economies, with a forecast that, by 2050, six of the seven largest powers in the world will be emerging economies, including Brazil in seventh place. In line with D33, Dubai's economic plan, the forum seeks to double the emirate's GDP in the next decade and invest US$27.3 billion annually in digital transformation projects.

The event also highlighted Dubai's technological development, which since 1995 has been investing in technology and digital transformation projects. In 2022, the startups of Dubai earned more than US$2 billion, with more than 40% of scale-ups in the Middle East and North Africa region based in the city. Additionally, the event was attended by technology companies, such as Mining Race, which plans to expand into the Brazilian market due to government support for blockchain projects and the rapid growth of the cryptocurrency ecosystem in Brazil.

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_{Event seeks economic improvements for Dubai (Photo: reproduction/Getty Images Embed)}

Dubai economic goals until 2033

Dubai has established an economic agenda until 2033, with targets in several sectors. Some of them show that the UAE seeks to boost external trade in goods and services to US$6.97 trillion and attract foreign direct investment of US$177 billion, intends to increase government expenditure to US$190.62 billion and reach US$ 270 billion in private sector investments, domestic demand for goods and services is also a focus, with the goal of reaching US$810 billion, among others.

Featured photo: Dubai unveils economic strategies (Reproduction/Getty Images Embed)