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- The Future of Dubai — Development plan for 2040 | AX CAPITAL
Dubai has rightfully earned its reputation as one of the most advanced global metropolises, a tourist haven, and a thriving business center for numerous companies. The UAE government aims to further bolster the city's appeal while tackling the issue of oversupply in the real estate market. In this piece, we'll delve into the intricate details of Dubai's Development Plan for 2040 and explore its impact on investors and local residents.
Content:
- Objectives of City’s Development Strategy
- Dubai’s Green Areas
- Transformations in Dubai's Economy
- Enhancing City's Infrastructure
- Advancements in Dubai's Real Estate Market
Objectives of City’s Development Strategy
The government plans to further elevate Dubai into one of the world's most renowned cities. With its established status as a global business center, the core emphasis of the development is to improve the life quality of the city's inhabitants. Tailored specifically for this purpose, the plan aims to proactively address issues concerning business, ecology, and the city's popularity among tourists and expatriates. Moreover, projections estimate that by 2040, Dubai's population will double from three to nearly six million people, a transition for which Dubai is not entirely prepared. While the entire metropolis is set for a makeover, the changes will notably affect the following areas:
Dubai’s Green Areas
Dubai’s ecological situation continues to pose a critical challenge that demands urgent and comprehensive solutions. Currently, the government is enforcing guidelines for constructions to meet environmentally sustainable housing standards. Moreover, there is an active development of renewable energy sources, as highlighted earlier. Additionally, the plan includes initiatives to expand green spaces. These won't be mere tree-lined avenues but complete recreational areas with green lawns, flowerbeds, and water elements. Planting vegetation and forming such eco-friendly zones will greatly improve the local climate. As such, residents will have the opportunity to breathe clean air, thereby supporting their well-being.
Transformations in Dubai’s Economy
Prior to the 2019 pandemic, Dubai's economy displayed consistent annual growth. However, during the isolation period, this growth decelerated. Currently, the number of foreign visitors to the city has recovered to pre-pandemic levels and is on an upward trajectory. At the beginning of 2023, the following sectors were the primary contributors to Dubai's GDP growth:
- Commerce
- Transportation and storage
- Finance and Insurance
- Real estate
- Other industries
Enhancing City’s Infrastructure
At the moment, Dubai doesn't face any road congestion issues. However, public transport stops are primarily concentrated in the city's central districts. One of the key objectives is to make every part of the city accessible within 20 minutes by bicycle or public transport. This will involve expanding the number of buses, stops, and metro stations within 800 meters from major residential areas.
Additionally, there are plans to enlarge several districts by 25% to build new infrastructure facilities such as shopping centers, schools, and healthcare organizations.
Advancements in Dubai’s Real Estate Market
The primary focus of the plan is to improve industries closely associated with real estate. It also aims to avert common challenges faced by most major cities worldwide. Enhancements in the sectors above are foreseen to have a positive influence on the real estate market. Moreover, with the anticipated rise in the expatriate population, there will be greater demand for both rental and purchased properties. This will likely drive up property values, particularly in crucial urban zones. Consequently, this strategic development path holds significant potential to bolster Dubai's global prominence, positioning the city as a key economic center on the international stage.
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