Dubai’s Department of Economy and Tourism has established three subsidiaries in order to expand the business. The new organizations will make doing business in the city easier and will attract international investment to the UAE. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of Dubai, enacted new legislation to start the new businesses. The new subsidiary will aim to improve important economic drivers such as business attractiveness, development efforts, ease of doing business, consumer protection, and sectoral governance.
According to the Dubai Government Media Office, they aim to promote several economic growth factors such as business attractiveness, development projects, ease of doing business, consumer protection, and sectoral governance.
The new subsidiaries are-
- Dubai Corporation for Consumer Protection and Fair Trade
- Dubai Business License Corporation (DBLC)
- Dubai Economic Development Corporation (DEDC)
The three laws will go into force once they are published in the Official Gazette. The additional additions are intended to promote the city’s D33 economic strategy, which was announced earlier this year.
“We always endeavor to expand the supportive framework required to boost growth, economic value, and innovation in Dubai,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council. The DEDC and DBLC will work alongside DET’s existing subsidiaries to advance D33 and its innovative projects.
Along with the Corporation for Consumer Protection and Fair Trade, the new entities will aim to improve the emirate’s attractiveness as a global fair-trade destination with numerous potential for corporate growth. As part of Sheikh Mohammed’s mission to build an environment for improving sustainable economic growth and making it the world’s best city to live and work, the new entities aim to support firms in the city at key stages of the business lifecycle.
“The newly established organizations will attempt to produce new pathways for growth, development, and innovation, working closely with important governmental and commercial sector partners,” said Helal Al Marri, Director-General of DET. “They will set clear priorities and enablers to integrate new generations of Emiratis into the private sector, and make Dubai a hub for skilled workers and a focal point for global multinational companies (MNCs), national SMEs, trade, manufacturing, and the new economy, based on a shared vision for Dubai’s economic and social progress in the coming decade and beyond.”
“We are also committed to making Dubai one of the top three international destinations for tourism and business by providing a globally competitive environment for long-term business growth and supporting the city’s position as one of the world’s fastest growing business hubs with a world-class quality of life.”
The Dubai Economic Development Corporation’s (DEDC) primary objectives are as follows:
- Improving Dubai’s Economic Competence
- Putting economic development plans into action
- Helping the emirate’s economic diversification and sustainability
- Increasing foreign investment and global talent in critical industries enhancing the emirate’s standing as a worldwide destination for digital economy investments and entrepreneurship
- Creating projects that advance innovation, artificial intelligence, and technology
- Make the emirate a leader in the green economy.
To achieve these objectives, the DEDC will propose initiatives to support the emirate’s economic development plans, develop an integrated framework for monitoring and evaluating plan implementation, identify obstacles to plan implementation and propose solutions, develop programmes to develop priority economic sectors, and identify sectors that require investment as part of Dubai’s strategic plan.