A new district combining the commercial and financial hubs in Dubai has been created to support the “new economy” taking shape, it was announced on Tuesday, 14th January.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai announced the following via Twitter:
“Today, at the second Dubai Council session, we launched the Dubai Future District, a new space dedicated to the development of the future economy, as well as a Dh1 billion fund to support new economy companies who can power Dubai’s future growth.”
He added: “Dubai Future District will connect DIFC, Emirates Towers & Dubai World Trade Centre, making it the Middle East’s biggest future economy-focused district. It will include a future economy research centre, incubators & accelerators and an innovative space for future economy pioneers.”
The launch of the 1 billion AED ($272 million) fund will be used to support companies who will operate out of Dubai Future District, enhancing the emirate’s position as a preferred destination for global talents and entrepreneurs.
In the same council meeting, a 2 trillion AED target has been set for the volume of Dubai’s foreign trade by 2025, which will be supported by establishing 50 offices around the world, each tasked with promoting Dubai’s trade, tourism and investment offerings.
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