It has now been announced by HH Sheikh Hamdan bin Mohammed Al Maktoum, Dubai’s Crown Prince, Deputy Prime Minister, and Minister of Defence, a main strategy that has just gained the approval of Dubai’s Executive Council. These initiatives shall add to the long-term growth of the emirate.
These come in line with and complement the broader Dubai Plan 2033 and the Dubai Social Agenda 33, whose objective is to position Dubai as the world’s greatest place to live, learn, and invest. Meanwhile, Dubai drafted the Real Estate Strategy 2033 to drive the sector to realize 1 Trillion Dirhams worth of real estate transactions in 2033 and to double its contribution to economic diversification. Sheikh Hamdan emphasized that this would enhance the competitive capability of the Emiratis in ensuring home ownership and family stability.
The strategy aims to raise real estate transactions by 70 percent and grow Dubai’s portfolio of real estate value twentyfold to 20 Billion Dirhams. That would add 73 Billion Dirhams to the emirate’s gross domestic product, attract more investments, and firm Dubai’s status as a global economic hub. To be enacted by 2033, the program is planned to lay down such programs as enhancing the quality of development, ensuring transparency, and the use of data toward the creation of more realistic market predictions.
It will embed AI, ensure that data is centralized, and provide high-grade assets: “The aim is to attract investment as well as improve the buying and selling experience. In addition, the strategy prioritizes sustainability and the development of balanced, cohesive communities, aiming to raise homeownership rates to 33 percent,” -Dubai Media Office.
It also launched the Dubai Cashless Strategy, which would have the city ranked among the top five cashless towns in the world by the year 2033. “The strategy will increase digital transactions across all sectors, contributing 8 Billion Dirhams to the economy and ensuring that 100% of businesses in Dubai accept digital payments,”-the Dubai Media Office.
Source: The National News
