The richest emirate in the United Arab Emirates wants to be one of the four largest financial centers in the world over the next decade. To this end, it announced on Wednesday an 8.2 billion euro economic development program aimed at doubling its economic output, at a time when it is benefiting from high energy commodity prices.

According to a CNBC report on ThursdayAs quoted by SIC Notícias, the ten-year plan includes 100 "transformational projects" to boost the local economy. One of the objectives involves increasing foreign direct investment "by more than 650 billion dirhams" (the Emirati currency, around 167 billion euros). Per year, foreign direct investment should reach 60 billion dirhams (15.4 billion euros).

And they will do so through "more than 300,000 global investors [who] are helping Dubai become the fastest growing global city," according to Sheikh Mohammed bin Rashid al Maktoum, the emirate's Vice President and Prime Minister.

Foreign trade is expected to increase to 25.6 trillion dirhams (6.6 trillion euros), compared to 14.2 trillion dirhams (3.6 trillion euros) in the last ten years, according to CNBC.

Public spending, meanwhile, will increase to 700 billion dirhams (180 billion euros) compared to 512 billion dirhams (132 billion euros) over the last ten years.

According to the plan, private investment should increase to a billion dirhams (257 billion euros) compared to 790 billion dirhams (203 billion euros) over the last ten years.