Dubai 2040: The transformation of the Emirate as a world benchmark for opportunities and investments
The United Arab Emirates is emerging in recent weeks as one of the countries in the world where the rate of vaccination against Covid-19 is progressing the best, with 22% of the inhabitants following the full schedule, only behind Israel. Let us remember that this country provides the vaccine for free to all nationals and residents over 18 years of age without exemptions.
That is why the United Arab Emirates, and especially Dubai, want to take advantage of this medical security advantage to promote the Dubai 2040 Urban Master Plan, an ambitious project that shows how the Emirate will develop in the next 20 years, which has been presented by the Emir of Dubai, Sheik Mohammed bin Rashid Al Maktoum.
The vision is marked by sustainable development and the positioning of the city as the best investment, tourism, leisure and lifestyle destination worldwide, through a strategic framework, which seeks to shape the future of the Emirate and promote the welfare of its citizens.
Sultan Ahmed bin Sulayem, group chairman and chief executive officer of Dubai Ports World (DP World), noted that “the new comprehensive Master Plan creates a strategic urban development framework to consolidate the progress, achievements and rankings that Dubai has won in the last decades. The Plan will help enhance the emirate's growing role as a critical business and commercial center. It will also enhance Dubai's attractiveness as an investment destination by leveraging its logistics infrastructure, including some of the best ports and airports in the world and maximizing its ability to leverage the considerable talent pool to which it has access. The new Master Plan will help strengthen the emirate's efforts to mitigate the repercussions of the COVID-19 pandemic, accelerate the pace of its economic recovery, and pave the way for a bright new post-pandemic world. ”
It is the seventh initiative of this magnitude developed by the Emirate since 1960, although it is accompanied by many more.
On the one hand, Expo 2020 Dubai, to be held between October 1, 2021 and March 31, 2022, will seek collaborative solutions to the world's most urgent challenges - climate and biodiversity, search for solutions to the challenges of the food, food security, knowledge and learning about water and sustainable future, among others - bringing together influential politicians, opinion leaders, different participants and the public. It will also bring together world experts in the field of digital connectivity, mobility, transport and logistics, education and travel.
On the other hand, it highlights the contribution of the Dubai Electronic Security Center recently in the World Economic Forum network, which leads the global response to address the challenges and risks of cybersecurity, fundamental in the wake of the pandemic. The Dubai International Financial Center has also announced its membership in the Global Alliance of International Financial Centers and there are other government initiatives aimed at boosting trade, such as the CO-Founder Dubai program.
Based on the Dubai 2040 Urban Master Plan, the improvement of the urban areas of the following key centers is expected: Deira, Bur Dubai, Downtown, Business Bay, Dubai Marina, Jumeirah Beach Residence, Expo 2020 Center and Dubai Silicon Oasis Center. These are intended to be a global point of reference for innovative companies, international corporations and strategic investments.
The built-up area and population of Dubai have experienced remarkable growth, both in terms of quantity and cultural diversity, reaching approximately 3.5 million inhabitants today. It is expected that by 2040 its population will practically double, reaching 5.8 million.
Likewise, its infrastructure, economic policies and legislative framework have contributed to providing a very attractive environment for international companies, bringing the entire Gulf region to a phase of economic prosperity. The new measures will guarantee greater activity and attract foreign investment to new sectors, especially those related to advanced technologies.
In addition to trade and investment, tourism is another vital sector of the economy, with numerous hotel facilities and tourist attractions.
On the other hand, it is intended to provide sustainable and flexible means of mobility, as well as to improve the connections of the public transport system.
Other objectives include improving environmental sustainability, increasing green spaces and areas dedicated to public parks, with the objective that reserves and natural areas constitute 60% of the surface within the foreseen term. Facilities related to education and health will increase by 25%, hotel space will increase by 134% and the beach area by 400%.
Dubai 2040 Urban Master Plan is a reflection of ambition and continuous drive to improve, carried out by one of the fastest growing cities on the international scene, with a strategic geographical position and exceptional infrastructure.
This initiative will place Dubai as a world benchmark in terms of opportunities and investment, with special interest for industries with a high technological content.
Alejandra Bellés
RLD United Arab Emirates