Dubai Announces $8.7 Trillion Economic Plan for Next Decade

The plan includes a goal to double the size of Dubai's economy in the next ten years and become one of the top three economic cities in the world.

Dubai has announced a massive $8.7 trillion economic plan for the coming decade, with the goal of becoming one of the top three economic cities in the world. The plan, outlined by Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai, includes 100 "future transformational projects" aimed at increasing foreign trade, foreign direct investment, and government spending.

The plan also includes a goal of bringing private sector investments up to 1 trillion dirhams and making annual contributions to the economy through digital transformation projects. Experts believe the ambitious goals are achievable due to Dubai's economic history and record of reforms.

Dubai has a long history of setting ambitious economic goals and consistently achieving them. In the 1980s, the city set out to become a hub for tourism and trade, and it has since become one of the most visited and economically successful cities in the world. This latest plan is in line with Dubai's history of expansion and innovation, and experts believe it is achievable due to the city's strong track record and proactive approach to attracting foreign investment and talent.

The announcement of this ten-year economic roadmap also comes at a time when Dubai is looking to recover from the impact of the COVID-19 pandemic. The city was hit hard by the pandemic and the resulting drop in tourism, but it has been able to bounce back relatively quickly due to its strong healthcare system and early rollout of vaccines. As the city looks to the future and sets its sights on becoming one of the top economic cities in the world, it is clear that Dubai is well positioned to achieve this goal.