D33: Businesses Back Dubai’s Futuristic Economic Agenda

“I fully agree with Sheikh Mohammed if he says that Dubai economy will be double in next 10 years. Sheikh Mohammed has given a sense of belonging to expatriates by easing visa rules. I wish him all success and support his vision,” he said.

Shabbir Merchant, managing director, Champion Neon, said Dubai’s new economic agenda aims to double the size of the emirate’s economy over the next 10 years and it will undoubtedly position Dubai amongst the top three global cities.

“Dubai has proven to be ahead of the game in all aspects of economic development and we are proud to see our city go to the next level of economic development and prosperity,” he said.

Dubai a growth trajectory

Farhat Ali Khan, managing partner, Century Maxim International — a legal firm, said against the backdrop of the dire consequences of the pandemic, it is rather encouraging to see the nation’s growth trajectory over the last two years.

“From setting goals and targets focused on development to being recognized as one of the leading advocates of growth and development. The nation today is amongst the leaders striving to achieve economic upliftment while supporting sustainable and inclusive growth,” he said.

“The Ruler’s latest announcement of the Dubai Economic Agenda D33 demonstrates the nation’s ability to serve as a platform for the global audience to explore, which is ultimately aimed at contributing to an economic boost. Considering the targets and expectations under the latest agenda, Dubai seems to have set in motion more job opportunities, technological development, and the diverse influx of human capital,” Khan told Khaleej Times on Wednesday.

Talking from a legal perspective, he said the D33 agenda is likely to attract investors which means a rise in the need for corporate structuring and management.

“The expected increase in the workforce and intent to promote local talent, is also a major opportunity for legal professionals to step in from a labour rights perspective and to help implement regimes that secure such incoming traffic. From data security to protection of labour rights to corporate structuring; the legal field is set to be in demand for guidance on making the best use of the opportunities available in the UAE starting 2023,” he said.

Promising indicators

Soham Chokshi, CEO and co-founder, Shipsy (Logistics), said the economic plan set forth by Sheikh Mohammed is a promising sign of the things to come.

“As a well-connected and well-positioned trade centre, Dubai is an economic powerhouse with immense demand, which is further powered by determination, robust infrastructure, and technological innovation. It clearly underpins its rise to the podium in the global agility index and as a vital global trade hub despite adversities,” he said.

He said D33 Agenda pushes the envelope further with its transformative projects embracing a holistic approach critical to economic growth. It entails building a strong foundation of all vital spheres such as employment, environment, higher education, small and medium enterprises, international trade facilitation, and much more, he said.

“We are excited to see how logistics management technologies can contribute to the realisation of some of these goals and introduce process efficiencies in areas concerning supply chain and logistics, and sustainability. We look forward to being a part of the UAE’s continued growth and success in the years ahead,” Chokshi said.

D33 a visionary project

Peter Maerevoet, global CFO and regional CEO for Asia at Tradewind Finance, said D33 is a great visionary project which will indeed bolster Dubai to further become one of the leading cities in the world.

“Dubai has always been an important global trade hub and the government fully understands the economic benefits of this. D33 is yet another positive move that works towards boosting the performance of this sector,” he said.

“This being said, the initiative will also prove to be a major boost for local SMEs, as Dubai plans to launch a scale-up program for 30 companies to become global unicorns in new economic sectors, demonstrating the UAE’s commitment to supporting local SMEs and homegrown businesses.

“We commend the efforts taken by the government and are committed to assisting in the execution of this vision. This initiative will further assist trade finance industries to serve the requirements of SMEs and provide them with financial and expansion opportunities that will boost their business and in turn the economy,” Maerevoet said.

JS Anand, founder and CEO, Leva Hotels, said in the span of a few decades, Dubai has achieved economic milestones that very few other cities have been able to match.

“From being a global trade hub to today being the most preferred investment destination, Dubai has time and again taken the world by surprise through its achievements,” he said.

Maerevoet said the ‘D33’ economic agenda is yet another positive initiative taken in this direction aimed at boosting and supporting various sectors of the economy, setting economic standards that will pull investments and driving economic welfare which will help the country set yet another milestone by becoming one of the top four financial centres in the world. “Contributing to a major part of the economy, the hospitality and tourism sector is sure to benefit through this initiative as it will drive traffic as well as financial investments to the industry leading to international partnerships and mergers, attract foreign investment for the sector which will in turn help existing hoteliers provide an enhanced infrastructure and experience to their customers,” he said.