All about the Dubai Future District
The beginning of this new decade has been quite exciting with a slew of announcements from the government. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai launched the plan for the revolutionary “Dubai Future District” that will help shape Dubai’s new economy.
New-age companies from across the globe will be welcomed to operate in this district to enhance the emirate’s position as a preferred destination for global talents and entrepreneurs.
Dubai Future District
Dubai Future District will set new goals for collective progress and prosperity. The big announcement was made on January 14th during the second Dubai Council meeting in 2020.
This new district will include three main areas – Dubai World Trade Centre (DWTC), Emirates Towers and DIFC.
All these areas have played a pivotal role in the development of Dubai over the years. The integration of these areas will ensure that Dubai becomes the largest innovation hub in the world.
Dubai Future District: A Foundation for a New Dubai
The UAE government has presented the Dubai Future District as a tool to boost Dubai’s economy. An AED 1 Billion fund was also announced to support new companies that will operate from this district. The idea is to enhance the position of this wonderful emirate as a preferred destination for professionals and ambitious entrepreneurs.
The new district will provide attractive financing and legislative facilities for businesses. The target set for Dubai’s non-oil foreign trade by 2025 is AED 2 trillion and the Dubai Future District is expected to contribute to this goal.
Moreover, 50 offices will be opened around the world to attract talent to the UAE from different industries. Each of these offices will work towards promoting Dubai as a lucrative investment hub as well as a tourism hotspot. They will serve and facilitate innovators, tradesmen, tourists and global investors.
There is also a push from the government to intensify external marketing efforts. The endeavours of these offices will have a direct impact on the success of the Dubai Future District.
The Vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum
After the Council’s meeting, H.H. Sheikh Mohammed declared that 2020 will be the year of developmental leaps.
“2020 will be the beginning of a huge developmental leap, and it is the year that will drive us to the next decade with full force. We aim for a major shift in Dubai’s foreign trade through stimulation and revitalisation with the continuous development of all its logistical, legislative and service tools, in addition to building new international partnerships.”
“Dubai will become the world’s capital of the new economy. The new economy will be a major focus on the 50 goals agenda that we seek to achieve in the next five years. The Dubai Council will focus on opening new economic sectors for the emirate and transform its existing sectors. The new Dubai offices for trade and tourism promotion will be based around the world, and the unification of external efforts will carry better results for the Dubai economy.”
H.H. Sheikh Mohammed bin Rashid Al Maktoum
Dubai Future District Connectivity
With the formation of any new district, connectivity remains a critical question. As per the plan laid out, Dubai Future District will be well-connected via a bridge that will link DIFC, DWTC and Emirates Towers. The Museum of the Future will inspire the bridge’s design.
It will be the largest business district in the Middle East dedicated to moving towards a new economy. Hence, businesses operating from this new district will have access to other business hubs in Dubai.
The Ten Initiatives
The government has also outlined ten new initiatives to help kick start the new economy and establish new businesses at the Dubai Future District.
- The first initiative is the Dubai Future Economy Fund. An amount of AED 1 B will be spent on providing support and facilities to tech startups.
- Office space for future economy companies will be established and 5-year residency visas will be offered to entrepreneurs. Moreover, licenses for projects, banking facilities, legal service, training and workshops will be provided.
- The third initiative is the issuance of Legislative Licenses to technology companies. With these licenses, companies will be allowed to test technologies in allocated areas. For example, areas will be given to companies that want to trail drones for civilian use, AI in hospitals and autonomous car trials, etc.
- Future economy entrepreneurs will be offered housing options at a unit price lesser than AED 3,000 per month in specific neighbourhoods.
- A unified platform for consulting and financing future economy companies.
- A new stock exchanged allocated for future economy companies.
- Incubators and accelerator where training will be offered.
- A platform for cooperation between government and private sector for joint scientific research.
- Introduction of graduate programs in line with the human resource needs of future economy companies in national universities.
- International Conferences on the economy to provide global platforms with an opportunity to connect and work together.
2019 was a significant year for UAE, with numerous new policies, amendments and developments announced by the government. The year 2020 is not going to be any different.
Within the next few years, Dubai’s economy is likely to go through a lot of change. This profound transformation had already started with the launch of the Dubai Expo 2020 projects and the recent announcement of Dubai Future District will continue the momentum built by Dubai Expo 2020. Investors are likely to see this as a great opportunity to invest in a flourishing market.
Hence, we can expect the Dubai Future District by Mohammed Bin Rashid to play a pivotal role in driving positive change in the region.
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