Dubai approves 11bn plan

Dubai’s Executive Council approved strategic projects with budgets exceeding AED 11 billion. These include a AED 9.59 billion plan through 2040 to develop community services and facilities, and AED 2 billion to extend the Dubai Metro by 3 kilometres to Al Maktoum International Airport City. The extension will include two stations, expected to open in 2031. The Council also approved a real estate market study aimed at increasing the sector’s contribution to GDP to AED 73 billion. By 2030, the study projects the addition of 365,000 residential units and around 1.1 million square metres of office and retail space. It also approved a policy for investing the funds of minors and endowments, aimed at increasing the real estate asset portfolio by AED 10 billion and growing the securities portfolio by more than 35% by 2030.

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