These plans in Dubai have included diversifying the economy, promoting foreign investment, and enhancing the city’s infrastructure and business environment. It could be that this new plan would be in line with a similar goal to boost trade, investment, and the city’s position as a global hub.
Dubai has relied heavily on its oil and gas industry and its real estate and construction sector. In recent years, the government has been implementing initiatives to diversify the economy and reduce its reliance on these sectors by promoting finance, tourism, and technology.
Dubai’s government is planning to further diversify its economy in 2023, to have more sustainable sources of revenue and to reduce its dependence on oil and gas. The diversification could be through developing other sectors such as renewable energy, healthcare, education, and other service industries.