- March 21, 2021
- Posted by: Waqas Siddiqui
- Category: Business & Economy
Master Plan 2040 to Enhance Dubai’s Reputation as an Economic Hub Globally
In order to further enhance Dubai’s appeal to investors, visitors and residents, Dubai has launched the 2040 Urban Master Plan, a roadmap for sustainable urban development in the city. The masterplan was designed by H.H. Sheikh Mohammed bin Rashid Al Maktoum, V.P. and P.M. of the UAE and Ruler of Dubai. The plan focuses on using the available spaces within the city limits and concentrates on development in existing urban areas.
The major focus of Dubai 2040 urban master plan is to develop the five urban centres namely Deira & Bur Dubai, Marina & JBR, Business Bay & Dubai Downtown and Expo 2020 Centre & Dubai Silicon Oasis Centre. Initiatives such as infrastructure development and new property development will be carried out raising Dubai’s reputation globally as a business and financial hub. Furthermore, the implementation of 2040 Master Plan will strengthen Dubai’s resilience toward global challenges.
Impact of Dubai 2040 Urban Master Plan – Tourism & Hospitality
It is estimated that Dubai’s population is set to reach 5.8 million by 2040 from 3.4 million in 2021, and the 2040 urban masterplan will provide the groundwork for how the city can grow sustainably over the next 20 years, accommodating the needs of the growing population. Under the plan, the land area used for hotels and tourist activities will increase by 134%, while the land used for commercial activities will increase to 168 Sq. kms.
While Dubai will continue to be a global hub for innovative start-ups, international corporations and an ideal platform for Foreign Direct Investments (FDI), the master plan will also increase the land area allocated to education and health facilities by 25%, while the length of public beaches will increase by as much as 400% in 2040. Easily accessible integrated service centres will be established across Dubai while the plan also seeks to raise the quality of life of the city while increasing population densities around key transit facilities.
Investment Opportunities in Dubai
The people-centric plan focuses on reinforcing Dubai’s competitiveness as a global destination for investment, by providing a wide diversity of lifestyle and investment opportunities for citizens, residents, visitors and addressing all their growing needs over the next 20 years. It will also enhance Dubai’s investment appeal and attract fresh investments into all the sectors. The plan will help raise the Emirate’s growing role as a pivotal business and trade hub, enhancing its attractiveness as an investment destination by leveraging its superior logistics infrastructure, including some of the world’s best ports and airports and maximising its ability to harness the vast talent pool available. The new master plan will help strengthen Dubai’s efforts to mitigate the repercussions of the Covid-19 pandemic, accelerate the pace of its economic recovery and prepare the ground for a bright new post-pandemic world.
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