Dubai’s Department of Economy and Tourism has formed three companies in order to grow the business. The new organisations will make doing business in the city simpler and will encourage international investment in the UAE. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, enacted new legislation to start the new businesses.
The new subsidiary will improve important economic drivers such as business attractiveness, development efforts, ease of business, consumer protection, and sectoral governance. The new subsidiaries are:
Dubai Corporation for Consumer Protection and Fair Trade
Dubai Business Licence Corporation (DBLC)
Dubai Economic Development Corporation (DEDC)
The additional additions are intended to promote the city’s D33 economic strategy, which was announced earlier this year. D33 intends to increase the size of the emirate’s economy and solidify its status as one of the top three cities in the world. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: “We constantly seek to enhance the supportive framework needed to enhance growth, economic value and innovation in Dubai.
“As part of achieving the goals of the Dubai Economic Agenda D33, we are working to raise Dubai’s status as a preferred destination for global companies, investment, and talent by investing in human development and advanced technology, raising the city’s global competitiveness and innovation capabilities, reinforcing its knowledge-based economy and building on the advantages gained from the city’s strategic location and advanced infrastructure.”
The DEDC and DBLC will work alongside DET’s current subsidiaries to advance D33 and its innovative initiatives. Together with the Corporation for Consumer Protection and Fair Trade, the new organisations will aim to improve the emirate’s appeal as a worldwide fair-trade destination with numerous potentials for corporate growth.
As part of His Highness Sheikh Mohammed’s mission to build an environment for improving sustainable economic growth and making it the world’s greatest city to live and work, the new organisations seek to help firms in the city at crucial phases of the business lifecycle. H.E. Helal Al Marri, Director-General, DET, added, “The newly established organisations will seek to generate new avenues for growth, development and innovation, working closely with key governmental and private sector partners.
“Based on a common vision for Dubai’s economic and social progress in the coming decade and beyond, they will set clear priorities and enabling levers 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.
“Building on our existing mandates, 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 sustainable business growth and supporting the city’s position as one of the world’s fastest growing business hubs that offers a world-class quality of life.”
The Dubai Economic Development Corporation DEDC key goals include: Enhancing Dubai’s economic competitiveness, implementing economic development plans, supporting the diversification and sustainability of the emirate’s economy, attracting foreign investment and global talent in vital sectors, strengthening the emirate’s position as a global destination for investments and entrepreneurship in the digital economy, establishing projects focused on advancing innovation, artificial intelligence, and technology, as well as making the emirate a leading green economy hub.
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.
The Dubai Business Licence Corporation (DBLC) seeks to boost the emirate’s status as a worldwide commercial centre and to foster a climate conducive to increasing investment in a variety of industries. It will also streamline licensing procedures for business establishments and enhance the investor journey, enhance licensing procedures for economic establishments, and register names, mortgages and commercial rights. The new organisation will strive to improve the emirate’s ease of doing business.
The DBLC will be the exclusive body in charge of monitoring compliance with investor travel processes, measures, and controls, as well as regulating economic activity in the emirates, including its free zones. The Dubai Corporation for Consumer Protection and Fair-Trade works to improve economic stability by ensuring consumer protection, boost business sector competitiveness by putting a stop to practices that have a negative impact on the market, ensure the best possible regulation of different economic sectors, encourage justice, transparency, and fair competition, and support the best possible functioning of the market.
The duty of creating strategies and policies for fair trade, competitiveness, and the defense of consumer rights falls to the Corporation for Consumer Protection and Fair Trade. The new company will create programmes and initiatives to safeguard intellectual property rights, examine and address consumer and business concerns, and plan awareness-raising activities to advance consumer rights, ethical business practises, and competitive fairness.
