Dubai New Master Plan To Develop 'Global City For The Future'

The Dubai 2040 Urban Master Plan will go a long way to reimagining the city as an engine of sustainable growth, driving trade, investment, new sectors and jobs, according to Abdulfattah Sharaf, CEO of HSBC UAE and head of international, HSBC Bank Middle East Limited.<

BY Realty Plus
Published - Thursday, 25 Mar, 2021

Dubai New Master Plan To Develop 'Global City For The Future'

The Dubai 2040 Urban Master Plan will go a long way to reimagining the city as an engine of sustainable growth, driving trade, investment, new sectors and jobs, according to Abdulfattah Sharaf, CEO of HSBC UAE and head of international, HSBC Bank Middle East Limited. The plan, announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, maps out a comprehensive future map for sustainable urban development in the city. Under the plan, the government envisages that more than half of the population will live within 800 metres (0.5 miles) of public transport and 60 percent of the desert emirate’s land will be protected as a natural reserve. A new urban planning law will be issued to support sustainable development at a time the government is looking to provide better housing for citizens. This group of global cities, of which Dubai is one, will be connected to one another, integrated by new trade routes, advanced mobility, and digital connectivity. The Dubai 2040 Urban Master Plan recognises these emerging trends and will help Dubai grow into a global city for the future. Recent World Bank forecasts predict that seven out of 10 people will live in cities by 2050. As the global population surges towards 9 billion people, this places a huge burden on expanding metropolises, forcing urban planners to rethink traditional models. “Well-planned, compact, and connected cities can increase productivity and boost a city’s competitiveness; improve liveability by providing access to land, housing, transport, and services; and protect the natural environment,” according to the World Economic Forum. The World Bank notes that 80 percent of global GDP is already generated in cities, a number likely to increase as digital infrastructure and solutions evolve to serve many more facets of urban life. An efficient city can reduce daily commute by 15 to 30 minutes, reduce cost of living by up to 3 percent, cut greenhouse gas emissions by as much as 15 percent and create 3 percent more jobs annually, according to a report released last year by McKinsey Global Institute. In the Gulf, the cities of Dubai and Abu Dhabi are leading the way in mobility, utilities, security, healthcare and economic development. In a recent survey of selected global cities by McKinsey Global Institute, Dubai scored 30.5 points on those criteria, not far behind leaders New York City (34.5), London (34.5) and Seoul (33) points. Abu Dhabi garnered a respectable 28 points.

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