World Finance magazine has affirmed that Dubai is leveraging its existing strengths to expand further and consolidate its position as a global financial and business center.
The magazine pointed out that the Dubai Financial Market index rose by about 30% in the past 12 months.
Which is the highest rate among indices in the world.
For example, the Financial Times 100 index remained flat.
While the Dow Jones index rose only 15%, the same as the DAX 40 index in Frankfurt, Germany, and the French CAC index rose by less than 7%.
The magazine added in a report on its website that the real estate sector is leading the economic boom in Dubai.
World Finance: Dubai Focuses on Growth, Foreign Investment and Trade in its Plans.
World Finance pointed out that Dubai’s D33 plan focuses on growth, foreign investment and trade.
Moreover, Dubai is aiming at the transformation into one of the top 3 international tourism and business destinations.
This is through the next ten years, by its competitive business environment and also by reducing business costs.
It also focuses on doubling the size of Dubai’s foreign trade and turning the emirate into one of the top 5 global logistics centers and 4 global financial centers.
The website reviewed a package of initiatives that fall within Dubai D33 agenda.
Including bringing 65,000 young Emiratis to the labor market in promising sectors.
In addition to the launch of “The Sandbox” initiative, the first government headquarters in the world of the metaverse.
The Sandbox initiative will allow testing and marketing new products and technologies, to make Dubai a center that embraces innovation.
Dubai attracts potential investors through innovative policies.
The innovative policies includes: 0% income tax and corporate tax in Dubai’s free zones, and a value-added tax of only 5%.
The emirate is also the largest destination for foreign direct investment in the region.
It is also looking for investors and partners from abroad in 9 promising sectors.
From healthcare and pharmaceuticals to trade and logistics services, from finance to aviation – and even space exploration.
The UAE achieves the largest jump on the Henley Passport Index over the past decade, adding 106 destinations to its score for freedom of visa-free travel since 2014. pic.twitter.com/iVoGw1T0KY
— UAE Voice (@uae_voiceeng) January 19, 2024
According to the site, Dubai promises a very active real estate sector.
Due to expectations of a 75% increase in its population by 2040.
It has also historically outperformed its competitors.
This is by real estate asset returns reaching 120% for investors in rents and capital in the ten years since the 2008 financial crisis that hit the world.
Compared to around 75% returns in London and only 63% in New York.
Goals of Dubai
- One of the top 3 international tourism and business destinations
- Among the top 5 global logistics centers and 4 global financial centers
- Among the top 3 global destinations for business and leisure visitors
Dubai is one of the most attractive major cities in the world for the wealthy to build a home.
In 2022, $1 million could buy 105 square meters of luxury real estate in the emirate.
Compared to only 21 in Hong Kong, 33 in New York and 34 in London and Singapore, 44 in Shanghai, 60 in Tokyo, and 70 in Berlin.
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