Dubai, the financial center of the United Arab Emirates (UAE), has announced plans to invest 32 trillion dirhams (about 1.065 trillion won) over the next 10 years with the aim of establishing itself as one of the three largest cities in the world and double its current economic size.
Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai (Emir), unveiled these Dubai economic plans through a series of tweets accompanied by infographics and videos, according to AFP on the 5th.
He said the target would be achieved through “100 innovative projects” and added 400 cities to Dubai’s list of trade partners, boosting foreign trade by 44% over the next 10 years to Dh25.6 trillion. Under Prime Minister Sheikh Mohammed’s plan, foreign direct investment in Dubai will exceed AED 650 billion within 10 years.
The ambitious plan came as countries slowed economic growth amid the global economic downturn. On the 2nd, the International Monetary Fund (IMF) stated that one third of the global economy will fall into recession this year. However, IMF officials who visited the UAE last November predicted that the UAE’s economic growth rate would reach 6% in 2022.
(Seoul = News 1)
