Vice President, Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum today announced during the second Dubai Council’s meeting, that a new district under the name of ‘Dubai Future District’ dedicated to the new economy will take shape in Dubai.
The Dubai Future District will see Dubai World Trade Centre, DWTC, Emirates Towers and Dubai International Financial Centre, DIFC, directly connected via a bridge, making it the Middle East’s largest district dedicated to developing the new economy.
His Highness also announced the launch of an AED1 billion fund to support new economy companies who will operate out of Dubai Future District, and who have the potential and foresight to drive Dubai’s new economy and contribute to enhancing the emirate’s position as a preferred destination for global talents and entrepreneurs, through many initiatives and projects aimed at turning Dubai into a nexus for business and an integrated investment environment that offers exceptional facilities.
The new district, along with the new fund, will provide unprecedented financing and legislative facilities and options for businesses. His Highness also announced a new AED2 trillion target for the volume of Dubai’s foreign trade by 2025, which will be supported by establishing 50 offices around the world, each tasked with promoting Dubai’s unrivalled trade, tourism and investment offerings through and intensifying and unifying of external marketing efforts.
The Dubai Ruler’s directions included setting a new goal to increase the volume of non-oil foreign trade to AED2 trillion in the next five years. His Highness assigned Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, the responsibility of handling this file by opening new foreign markets for the emirate, developing the logistics system and enhancing the competitiveness of local exports. This will be done by forming a committee to manage these responsibilities and achieve the desired goals through all promotional methods.
The committee is tasked with presenting a plan within 30 days of its establishment to explore the possibilities of opening new markets for Dubai’s foreign trade, establishing strategic international partnerships, enhancing the competitiveness of local exports, creating new export sectors, developing the logistics system in Dubai, and boosting the capabilities of international shipping lines managed by the emirate.
During the Dubai Council’s meeting, His Highness said Dubai’s foreign promotional and marketing efforts in trade, tourism and investment sectors should unify by establishing 50 offices around the world to promote Dubai in the commercial, tourist and investment fields.
These offices will provide unified centres to serve global investors, innovators, tradesmen, tourists and talents. They will also work on enhancing Dubai’s international presence, reducing foreign operational costs, doubling global promotional efforts, boosting Dubai’s commodity, service, knowledge, cultural and creative exports, increasing the emirate’s touristic, investment, financial and knowledge revenues, and attracting talents and students.
The Dubai Future District initiative acts as an umbrella to many joint projects that will be launched in line with the 4th of January 2020 Document that was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, and in which he pledged to continue working on developing the emirate by welcoming national and international talents, building new partnerships that create job opportunities and provide financing to entrepreneurs and startups, and adopting initiatives that facilitate the establishment of new companies and the launch of innovative ideas to design the economy of the future.
Ten initiatives will be launched in the coming period to support the economy of the future by providing an attractive investment, technological, legislative, service and enabling environment that is the best of its kind in the region and globally.
The first initiative is the Dubai Future Economy Fund, an AED1 billion fund dedicated to future economy entrepreneurs in Dubai and the region by providing all kinds of support and facilities that are needed by tech startups in their early stages. The fund aims to enhance Dubai’s position as a preferred destination to establish future economy companies, increase the contribution of the new economy companies in the GDP, create job opportunities, and support the private sector and foreign investments in Dubai’s future economy companies.
Office of Future Economy Companies is the second initiative, in which an office for future economy companies will be established and tasked with issuing special five-year residency visas to future entrepreneurs. It will also issue licenses for innovative projects, provide banking facilities to future economy entrepreneurs, offer world-class legal services to entrepreneurs, and provide flexible workspaces, training services and workshops.
The third initiative is the Legislative licenses to innovate and experiment with the technologies of the future economy. Under this initiative, future economic entrepreneurs will be able to obtain legislative licenses to test their innovations in designated areas that will serve as pilot areas, through the Legislative Laboratory and District 2071. These pilot areas will contribute to supporting the economy of the emirate of Dubai.
Examples of innovation pilot areas include an autonomous car trial area, a drone trial area for civilian use, an AI trial area in hospitals and an augmented and virtual reality trial area in malls. Fourth on the list is reduced housing prices for future economy pioneers. Under this initiative, future economy entrepreneurs can take advantage of available housing options at a unit price lesser than 3,000 dirhams per month. For this purpose, District 2071 will partner with real estate developers to provide housing options at the targeted price.
While the fifth initiative will see a unified platform for financing and consulting future economy entrepreneurs. Through this initiative, space will be allocated within District 2071 as a unified platform for many entrepreneurs, experts and investors in the future economy, so that future economy companies can obtain the funding and consultations necessary to start and expand their activities through this platform.
