Mohammed bin Rashid Launches Dubai 2040 Urban Master Plan

 Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
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Mohammed bin Rashid Launches Dubai 2040 Urban Master Plan

 Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, made the announcement on Saturday under the Dubai 2040 Urban Master Plan that maps out a comprehensive future map for sustainable urban development in the city.

Aligned with the UAE’s vision for the next 50 years, the Plan is focused on enhancing people’s happiness and quality of life.

The people-centric Plan focuses on reinforcing Dubai’s competitiveness as a global destination by providing a wide diversity of lifestyle and investment opportunities for citizens, residents and visitors over the next 20 years.

Designed to realize the president's vision to make Dubai the city with the world’s best quality of life, the plan aims to provide the highest standards of urban infrastructure and facilities.

Sheikh Mohammed bin Rashid Al Maktoum said the visionary development journey started by the late Sheikh Rashid bin Saeed Al Maktoum in the sixties continues to guide Dubai’s evolution into a city that promotes the greatest human values and possibilities and an environment where people from around the world can thrive.

"Our strategic development plans are focused on creating the best possible environment and infrastructure to enhance the community’s happiness and wellbeing and support the fulfilment of the greatest human aspirations for both our citizens and people from around the world. Drawing inspiration from global best practices and adapting them to local needs and requirements, we have created a development model that offers the best possible quality of life and creates the conditions for sustainable prosperity," he said.

"Our goal is to create a truly inclusive environment that not only meets the needs of Dubai’s diverse population, but also inspires them to tap into their creative and innovative capacities and realize their true potential," he added.

"By constantly striving to raise benchmarks and implementing diligent strategic planning, we have joined the ranks of the world’s leaders in various spheres and sectors. With a clear vision and a deep understanding of what it takes to succeed in an evolving global environment, we continue to work to shape an even greater future rich with opportunities," Sheikh Mohammed noted.

The new Master Plan is the seventh such plan developed for the emirate since 1960. Between 1960 and 2020, the population of Dubai has multiplied 80 times from 40,000 in 1960 to 3.3 million by the end of 2020 and increased in cultural diversity to include people from over 200 nationalities, state news agency WAM reported.

The urban and built area of the emirate increased 170-fold from 3.2 square km in the same period.

The new Master Plan also seeks to provide sustainable and flexible means of mobility as well a foster greater economic activity and attract foreign investments to new sectors.

Other objectives include enhancing environmental sustainability, safeguarding the emirate’s cultural and urban heritage and developing a comprehensive legislation and planning governance model.



Saudi Arabia Allocates SAR10 Billion to Activate Standard Incentives Program for Industrial Sector

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)
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Saudi Arabia Allocates SAR10 Billion to Activate Standard Incentives Program for Industrial Sector

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)

Saudi Arabia announced on Saturday the allocation of SAR10 billion to activate the Standard Incentives Program for the industrial sector, following approval by the government in December. The initiative seeks to enable industrial investments, spur their growth, and achieve sustainable industrial development in the Kingdom, while elevating the global competitiveness of Saudi industry.

The Ministry of Industry and Mineral Resources and the Ministry of Investment outlined key details of this newly launched incentives package during a ceremony attended by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz; Minister of Investment Khalid Al-Falih; Minister of State and Member of the Council of Ministers Dr. Hamad bin Mohammed Al Al-Sheikh; Minister of Industry and Mineral Resources Bandar Alkhorayef; Minister of Economy and Planning Faisal Alibrahim; and several other ministers, senior officials, and leaders from major local and global companies.

The Standard Incentives Program offers coverage of up to 35% of the initial project investment, capped at SAR50 million for each qualifying project. The support is divided evenly across the project lifecycle, granting 50% during the construction phase and 50% during the production phase.

The program will be introduced in successive phases, with the first targeting investments in transformative chemical industries, automotive manufacturing and parts, and machinery and equipment. Further industry segments are slated for announcement in subsequent phases throughout 2025.

AlKhorayef emphasized that the Standard Incentives Program is the first of its kind in the region, and that it aims to promote the manufacture of products not currently produced in the Kingdom.

The program opens new horizons for high-value industrial investments, accelerates their pace, and ensures their long-term sustainability. It enables both Saudi and international investors to harness the Kingdom’s unique advantages, including its strategic geographic location that links three continents, its open market, and low customs tariffs, he added.

He underscored that the Standard Incentives Program focuses on achieving localization and local content targets as core drivers of sustainable development. By empowering industries that enhance the use of national resources and bolster reliance on Saudi talent, the program contributes to reducing imports and strengthening the balance of payments.

“These incentives were developed through an exceptional effort of governmental collaboration across diverse agencies, particularly the Local Content and Balance of Payments Committee, chaired by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, which played a pivotal role in formulating policies and directing initiatives that support industrial investments and national manpower,” AlKhorayef remarked.

Al-Falih highlighted that the Standard Incentives Program is a significant step toward realizing the ambitions of Vision 2030 and the National Investment Strategy, both of which aim to attract and expand industrial investments while boosting the competitiveness of Saudi industry.

These incentives will accelerate the emergence of new industrial facilities across the entire value chain, thereby offering investors stronger, faster, and more cost-competitive local supply chains, he explained.

Emphasizing the close partnership with the Ministry of Industry and Mineral Resources, he said he was optimistic over building a robust and diversified industrial base that serves domestic and regional markets.

The incentives, in their current form, are expected to energize the industrial movement in the Kingdom, continued the minister. Projections indicate the program could generate an estimated SAR23 billion annually in GDP from the targeted projects, extending its impact beyond the creation of a solid industrial foundation.

During the official launch ceremony, a range of investment opportunities in the targeted sectors was introduced to domestic and international firms. The event featured a ministerial panel discussion and workshops that examined how these incentives can shape the future of Saudi industry, enhance its global leadership, and make the Kingdom’s industrial sector more attractive to both local and foreign investors. The discussions also underscored how the program contributes to the key objectives of the National Industrial Strategy and the National Investment Strategy.

The Standard Incentives Program aligns with the Vision 2030 goals for the industrial sector by focusing on promising fields such as transformative chemicals, aviation, automotive, food, medical devices, pharmaceuticals, and machinery and equipment. These efforts underscore Saudi Arabia’s commitment to achieving integrated and sustainable economic diversification.