Dubai outlines a new strategy to ‘achieve financial sustainability

Dubai’s Department of Finance has recently launched a new strategy that aims in boosting financial sustainability to make the emirate a global finance hub. The strategy in 2026 is to achieve financial sustainability proactively which supports the leading position of Dubai through fair and efficient distribution of the emirate’s resources. The new strategy of Dubai aims in achieving the set of objectives which is associated with the Dubai Strategy 2030 project launched by Sheikh Mohammed bin Rashid Al Maktoum.  The authority with the direct supervision of all the government financial affairs in Dubai embarks on the next five-year journey with the specific objectives that embody the vision of our wise leadership. The new strategy is focused on the vision of global leadership and innovative financial sustainability which shows six corporate values to put together to develop the government financial business explained by the DOF’s director of strategy and corporate performance division stated. Al Zarooni added the six objectives that should be taken into consideration for the future. The 2021 strategy has positively contributed towards the growth where the value of all achievements was seen in the organizational units in the past five years. The DOF took responsibility to improve the economy of Dubai which was disrupted by the pandemic. The steps taken to recover from the pandemic involved advanced government financial schemes which easily restore vitality while hosting the Expo 2020 Dubai. Expo 2020 was a game changer. It welcomed the world to the emirate despite the economic crisis in  Dubai. The Expo 2020 was one of the major contributing factors in the strategy that helped Dubai achieve financial sustainability. In the first nine months of 2021, Dubai achieved a growth of 6.3 percent which was driven by the UAE government initiatives. This resulted in a speedy recovery from the pandemic and hosting the world at Expo 2020. The Emirate is undertaking several multi-billion dollar infrastructures and other schemes across different sectors when it pursues the Dubai 2040 Urban Master Plan. In January, the government of Dubai unveiled the 2022 to 2024 budget of the emirate which has the allocation of Dh181 billion expenditure inclusive of Dh60bn set aside for this year. Dubai retained the top spot for appealing  foreign direct investment projects in the financial service sector in 2021. The Dubai International Financial Center where the Emirate has attracted 58 FDI projects in the sector worth a total Dh926.2 million last year. The major financial cities beating the Emirates such as London, Singapore, New York, and Paris.  The strategy includes projects that are focused on managing waste and encourages innovation in converting it into energy. The global model of sustainability followed in Dubai will enhance the economy in the coming years.  This shows the Dubai market has huge potential and setting up a business can be rewarding in the long run. FlyingColour Business Setup Services help with the business setup in Dubai freezone or mainland without any hassle.