Dubai has unveiled an ambitious $8.7 trillion economic strategy for the next decade, with a focus on enhancing trade, attracting foreign investment, and solidifying its status as a global hub. The plan, announced on Wednesday, aims to position Dubai among the top four global financial centers, with a projected increase in foreign direct investment (FDI) to over AED 650 billion ($177 billion) by 2033.

Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, shared on social media that over 300,000 global investors are actively contributing to the city’s rapid growth. The economic roadmap includes 100 “future transformational projects” designed to significantly boost key financial indicators. These initiatives target increasing foreign trade to 25.6 trillion dirhams from the previous decade’s 14.2 trillion, nearly doubling annual FDI to 60 billion dirhams, and expanding government spending to 700 billion dirhams.

Additionally, the plan aims to raise private sector investments from 790 billion dirhams in the past decade to 1 trillion dirhams, with an annual contribution of 100 billion dirhams from digital transformation projects. Dubai aspires to double its economic size within the next ten years, aspiring to rank among the top three economic cities globally.

This announcement follows Dubai’s recent decision to eliminate its 30% tax on alcohol, a move intended to enhance tourism and business appeal. Over the years, Dubai, a key commercial and tourism hub in the UAE, has implemented various reforms to attract international investment and residents.

While the scale of Dubai’s economic objectives may invite skepticism, financial experts in the region remain optimistic. Tarek Fadlallah, CEO of Nomura Asset Management Middle East, acknowledges the plan’s ambition but believes it is achievable, given Dubai’s track record of economic reforms and growth. Karim Jetha, CIO at Longdean Capital, emphasized Dubai’s competitive stance in the region, particularly in light of neighboring Saudi Arabia’s significant investments to attract global attention.