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Dubai’s executive council has signed off on new strategies for real estate and education, as well as transport infrastructure, payments, and heritage, for 2033 aimed at boosting the sectors’ performance and further diversifying the economy, state news agency Wam reports.
#1- The real estate strategy aims to raise the value of real estate transactions to AED 1 tn by 2033, doubling the sector’s contribution to the economy. This will involve a 70% boost to transactions, and a 20x growth in real estate portfolios to AED 20 bn — and will allow the sector to contribute AED 73 bn to the emirate’s GDP.
#2- The education strategy aims to improve the education system’s offerings, including through the expansion of internationally accredited vocational institutions designed to build skills that are in line with “national priorities,” Wam said.
#3- The emirate now aims to become one of the top five cashless cities in the world by 2033, with the goal of having all business establishments accept digital payments by that year and bringing AED 8 bn into the economy through digital payments.
#4- The council also approved a “suspended transport systems project” to boost the automation of the automotive sector in line with 2030 targets — which aim to automate 25% of trips by the end of the decade — and a national archives project aimed at preserving the emirate’s heritage.
OVER IN SHARJAH-
Family businesses in Sharjah will now be required to hold an incorporation contract under a new decision passed by the Sharjah Executive Council (SEC) to regulate family businesses within the emirate, Wam reports. The decision aims to set up a legal framework for family businesses’ organization and governance, including mechanisms for resolving disputes. It also covers regulations on ownership, share disposal by partners, share classifications, family endowment businesses, family charters, and processes for liquidation.
The decision applies to family businesses formed within the emirate, existing companies owned by single-family members, and family enterprises in freezones.
