Dubai is rightfully considered to be one of the most innovative, investor-friendly, and smartest destinations worldwide, as it is striving to become the “City of the Future”. The emirate has undergone a major expansion in terms of its infrastructure and among the most noteworthy smart city developments happening in Dubai is the construction of the Dubai–Abu Dhabi Virgin Hyperloop, the electric sky pod network and driverless taxis. In fact, a quarter of journeys in the city plan to be driverless by 2030 and the trial of autonomous vehicles in Dubai will be launched by the end of 2022. Additionally, to promote the adoption of advanced technologies in the emirate, in 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Vice President and Prime Minister of the UAE, issued a decree regulating the use of 3D printing in the construction sector to ensure that a quarter of the buildings in Dubai are erected using the technology by 2030.

According to the FDI Global Cities of the Future 2021/2022 report by fDi Intelligence, Dubai ranked third among the leading FDI locations of the future in 2021, illustrating the high level of investors’ confidence in Dubai and its future-readiness. That being said, the city’s investment appeal is majorly attributed to its safety, quality of life and global connectivity. Not forgetting the fact that Dubai’s real estate can generate an ROI of up to a whopping 9%, which is significantly higher than what the majority of global markets can offer at present. At the same time, luxury property prices in the emirate are several times lower than in other metropolitan cities, such as New York, Hong Kong and Geneva. Taking into account the fact that the UAE does not impose a property tax and has no plans on doing so, it is not surprising that in 2021, Dubai registered the highest annual value in terms of property deals (AED 300B, USD 82B) in its history, despite the COVID-19 pandemic and travel restrictions.

To promote growth and support sustainability, Dubai has invested heavily into digital solutions, having recently become the first paperless city in the world, which largely facilitates government transactions. That being said, the Dubai Land Department (DLD) has become the first digital platform for real estate in the region, offering users an array of real estate digital and paperless procedures. In line with the Dubai 2040 Urban Master Plan, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, also launched the Dubai RE-tech platform last year (2021), which uses the latest technologies based on AI, enabling investors to analyze data related to the real estate sector. In addition, it features a set of tools for strategic planning and policy development, as well as an instant real estate database, which provides industry indicators and the upcoming trends in the property market.

Another major step that will boost the position of Dubai as the ‘City of the Future’ is the launch of District 2020, which is the legacy of the Expo 2020 site. With a focus on the health and well-being of its residents, the first ‘15-minute city’ in the UAE will house wide pedestrianized pathways, a running track and a cycling track, as well as a dedicated autonomous vehicle route. Moreover, aiming to contribute to the innovation-driven economy, the District 2020 development will become a major platform for enterprises specialized in Artificial Intelligence, the Internet of Things, Big Data and Blockchain.