Dubai set out a 32 trillion-dirham ($8.7 trillion) economic plan on Wednesday that includes doubling foreign trade and investment over the next decade to boost its standing as a global financial hub.
The emirate, part of the United Arab Emirates’ federation, is the Middle East’s business and finance center. It’s already been deepening trade routes and working to attract global firms as it faces growing regional competition.
Foreign trade is targeted to reach 25.6 trillion dirhams by 2033 as the city adds to its global partners. Dubai is also seeking to attract foreign direct investment of around 60 billion dirhams annually, Dubai ruler Sheikh Mohammed bin Rashid tweeted.Dubai’s economy continued its post-pandemic recovery 2022 and grew an annual 4.6% in the first nine months of last year. But its plan for longer-term growth comes as economists forecast a grim global outlook. The International Monetary Fund expects one third of the world economy to be in recession this year with the US, Europe and China all slowing down simultaneously.
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