MDX Dubai hosts SCLG Roundtable on ‘Understanding Dubai’s 2033 Strategy’
- Friday, 3 March 2023
In January, this year His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Dubai Economic Agenda ‘D33’ with the ambitious goal of doubling the size of Dubai's economy over the next decade. In order to have a better understanding of the 2033 strategy, the Supply Chain and Logistics Group (SCLG) organised a Roundtable on ‘Understanding Dubai’s 2033 Strategy’ at Middlesex University Dubai’s Dubai Knowledge Park campus on 1 March 2023.
Dr. Cedwyn Fernandes, Pro Vice-Chancellor of Middlesex University and Director of Middlesex University Dubai, an economist by discipline, outlined the components of Gross Domestic Product and how the D33 plan addresses each of these towards achieving its goal of doubling of Dubai’s economy.
Dr. Cedwyn noted that though economic growth is possible with the increasing use of labour and capital, the key to long-term sustained growth is technological progress. The D33 initiative addresses this by introducing policies and incentives to make Dubai a major innovation hub and attract some of the world’s best universities.
Mr. Rishikesh Trivedi, Founder MarketMate & Enabler ONE, spoke on leveraging Sandbox Dubai for global expansion. He elaborated that the purpose of the Sandbox Dubai initiative was to transform Dubai from a trading port to an innovation hub, provide an entrepreneurial ecosystem, and enable a controlled environment to test and launch new products, services, and business models.
D33 aims to double Foreign Trade to AED 25.6 trillion by 2033. Mr. H.C. Barke, President & CEO of Prudence Insurance Brokers LLC, highlighted the critical role of Risk Collateralised Trade Finance supported by trade credit and political risks insurance solutions. He elaborated on the benefits of credit insurance solutions to best manage trade risks and promote business growth, and the importance of Dubai fostering a trade-conducive banking infrastructure supporting corporate growth, especially that of SMEs, through a spectrum of innovative trade finance solutions suchas factoring, supply chain finance, and securitisation.
Mr. Waqi Munim, Founder of strategy consultancy Courageous Minds, highlighted the exponential growth of Dubai's economy since 2000, along with how Dubai is developing as a world-class city for innovation and living. Waqi also looked at the D33 plan from a strategic perspective of 'Where to play' and 'How to win' choices. For example, the choices of 'where to play' include new export markets, developing a high technology hub, and innovation leadership. The choices to win include
- New export markets, such as: adding 400 cities to Dubai's foreign trade map and creating an economic corridor to Latin America, Southeast Asia and Africa.
- High Tech Industrial Hub: Identify 400 high-potential SMEs and scale-up 30 companies to global unicorns
- Innovation Leadership: Plan for green and sustainable manufacturing; Top talent development via the world's best universities; Integrating 65,000 Emiratis into the job market
Waqi went on to state that the D33 vision is exciting and achievable, and we all must play a role in Dubai's success.
Headquartered in Dubai, UAE, the Supply Chain & Logistics Group (SCLG) is an industry business group with over 400 corporate organisations and 40,000 members engaged in advancing supply chain and logistics industry locally, regionally and globally. Ms. Kanchan Vora, Director of SCLG, said that the feedback from its roundtables are compiled, analysed and presented as a recommendation to policymakers, SCLG members and industry.
D33 provides the blueprint for exponential economic growth for Dubai over the next decade. The plan is ambitious but Dubai has a track record of making the impossible, possible.