Dubai’s $1.42 billion construction projects to consolidate UAE as the global economic center

Posted on February 28, 2022   |  

• Dubai government allocated $1.42 billion for Construction Projects Budget for the period 2022-2024.
• The move will consolidate the emirate's pole position as a global economic center, improving its competitiveness and fulfilling future aspirations in leading global economic recovery actions.
• Africa offers one of the major investment possibilities, with a GDP of $3.4 trillion and a population of 1.3 billion across 54 countries, it gives different business and investment opportunities, from BRICS state South Africa to oil powerhouses Angola and Nigeria, to the fast-growing Egypt, Ethiopia, Kenya, Morocco, and Zambia.
• The United Arab Emirates plans to intensify its business relations in growing economies in Asia and Africa and draw $150 billion in foreign investment from older partners to reposition itself as a global hub for business and finance.
• In the last quarter of 2021, Projects of the 50 plan, include a series of developmental and financial initiatives aimed at diversifying the oil-dependent economy, boosting the country’s economic competitiveness.
• The initiative includes economic deals with eight global markets, the Fourth Industrial Revolution Network (Industry 4.0), and the 10x10 program to improve the country’s annual exports. As part of the ‘Projects of the 50’ plan, the government also aims to attract AED550 billion (US$149.8 billion) in foreign direct investment (FDI) over the next 9 years.
• The UAE’s Ministry of Finance declared, the first-ever corporate tax on business profits in the country's history. As of 1 June 2023, taxable profits exceeding Dh375,000 ($102,000) will be taxed at 9% and this will have an impact on business operations, structures, and future mergers and acquisitions activities in the UAE.