According to a new report by the investment bank Bank of America Merrill Lynch, the UAE ranks the third in the world in terms of investment in infrastructure, mainly due to the expansion strategy of Dubai.
At the moment, Dubai is developing infrastructure worth $ 42.5 billion, and most of the money goes to Expo 2020 Dubai, which will be the first World Exhibition in the Middle East.
In the state budget of Dubai for 2017/18, the share of funds allocated for new infrastructure projects reached $ 15.5 billion, or 21% of the total amount of public spending.
The most significant projects for which these funds were allocated include the construction of a new branch of the Dubai metro that will connect the venue of Expo 2020 with the main metro network; expansion of Al Maktoum International – Dubai World Central (DWC) – a new major hub that is being built in the Dubai South area; as well as the construction of the venue itself.
Expansion of DWC is one of the most important projects for the further development of Dubai as an international air hub.
According to the Dubai Airports operator, the passenger traffic of DWC in the first quarter of 2018 was only 334,455 people, while the passenger traffic of Dubai International Airport exceeded 7.8 million people.
When the DWC in the mid-2020’s. will come to full capacity, it will annually receive more than 40 million passengers.
Billions of dollars are also invested in new hotels and tourist infrastructure, designed to attract visitors for the duration of the exhibition and in subsequent years.
According to the World Economic Forum, the UAE today occupies the 4th place in the world in terms of infrastructure quality.
In 2017, Dubai was visited by 15.8 million foreign tourists, and by 2020 this figure should reach 20 million people.
The strategy of Dubai, aimed at making it one of the most intelligent cities in the world and one of the most important centers of innovative technologies on the planet, is also paying off. Active state support for start-ups and other initiatives attract foreign investors.
The emirate took the 1st place in the world in the field of scientific and technical exchange in such areas as artificial intelligence and research in the field of robotics, as well as the 3d place in the world in terms of total investment.
Today’s development strategy has allowed Dubai to become a world leader in attracting investments in cutting-edge technologies and strengthen the foundation of its future and economic prospects.