Dubai announces over AED750 million plan to raise annual GDP and elevate pro-business field by 2033

• Dubai’s leadership greenlit the second phase of the Dubai Research, Development, and Innovation Programme, with a budget of AED750 million.
• The Dubai Food Security Strategy includes 20 objectives worth AED164 million, which aim to accelerate tech-powered agricultural projects by 15%.
• Several other strategies were also launched to improve future readiness, economic growth, and the ease of doing business in Dubai.

In its ongoing efforts to ensure a sustainable and diversified business ecosystem, Dubai has invested millions of dirhams in several strategic initiatives designed to improve its pro-innovation environment.

During a recent meeting of The Executive Council of Dubai (TEDC), H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai’s Crown Prince and Chairman of The Executive Council, and the UAE’s Deputy Prime Minister and Minister of Defence, approved a lineup of forward-looking projects. These initiatives seek to bolster the emirate’s long-term sustainability, economic growth, and preparedness for future challenges. Ultimately, this series of projects will improve the benefits of doing business in Dubai.

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approves new strategies

Last 28 November, The Executive Council of Dubai officially authorised several measures to cement Dubai’s global standing as a city shaping the future. The newly launched projects include the (1) Dubai Resilience Strategy, (2) Dubai Food Security Strategy, and (3) Criminal Judgments Implementation System. The strategic plans for the second phase of the Dubai Research, Development, and Innovation Programme ​​were also officially launched during the meeting.

Among the initiatives authorised by TEDC, the Dubai Food Security Strategy and Dubai Research, Development, and Innovation Programme are projected to present significant opportunities for businesses in Dubai.

Here are the key details of these strategies:

Dubai Food Security Strategy

• Encompasses 20 projects with a total investment of AED164 million
• Plans to raise tech-powered agricultural ventures by 15%
• Aims to cut annual food waste by 2%
• Includes a digital food security platform, enhanced food stock management, and support for start-ups and small-scale producers
• Managed by Dubai Municipality and implemented by the Dubai Environment and Climate Change Authority

Dubai Research, Development, and Innovation Programme

• Allocates AED750 million in funding over three years
• Targets adding AED20 billion yearly to GDP by 2033
• Intends to raise private sector R&D’s share to 50% of total investments
• Focuses on fostering collaborations with research centres and universities globally
• Plans to create 120,000 jobs and establish 600 start-ups
• Overseen by the Dubai Future Foundation

Stimulating Dubai’s pro-business environment

The recently announced strategies are influential in enhancing the ease of doing business in Dubai. For any start-up business in Dubai, these initiatives provide a metaphorical launchpad that helps them flourish and expand internationally.

The second phase of Dubai’s RDI Programme focuses on attracting global innovators and research developers to build a future-proof, knowledge-based, and technology-driven economy. This initiative will enhance the city’s long-term socio-economic competitiveness while simplifying the process of setting up a business in Dubai.

During @TECofDubai‘s meeting today, we approved a budget of AED750 million for the next phase of the Dubai Research, Development, and Innovation Programme aimed at establishing Dubai as one of the world’s leading cities in this field by 2033. We also approved the Dubai Resilience… pic.twitter.com/LXx8Mqcqy5

— Hamdan bin Mohammed (@HamdanMohammed) November 28, 2024

Similarly, the Dubai Food Security Strategy empowers the food sector by ensuring high-quality, safe, affordable food supplies. The strategy will engage Dubai’s SMEs and established firms to implement technology-driven agricultural initiatives. This effort will strengthen the city’s food supply chain and create opportunities for new agri-tech business models.

These forward-thinking projects actively promote strategic cooperation with the private sector to guarantee the optimal use of the emirate’s tangible and intangible resources. Alongside improved legal processes and resilience-focused initiatives, the emirate is poised to develop an unparalleled field for companies aspiring to grow globally.

Benefits of starting a business in Dubai

For entrepreneurs considering how to start a business in Dubai, the emirate offers a range of incentives, including tax-free zones, streamlined regulations, and access to state-of-the-art infrastructure. Looking ahead, the emirate’s pro-innovation projects and its proactive approach to addressing global challenges promise to elevate its repute as a global capital for investment and growth. For entrepreneurs ready to venture on their dream of setting up a business in Dubai, the opportunity to capitalise on one of the world’s most forward-thinking economies has never been better.