Dubai sets up new agency to drive investment

Ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum. (AFP/Getty Images)

Ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum. (AFP/Getty Images)

Dubai has set up a new agency to attract investment as part of its plan to enhance the emirate's position as a global economic hub.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, in his capacity as Ruler of Dubai, issued a law establishing the Dubai Investment Development Agency which will be affiliated to the Department of Economic Development in Dubai.

"The new body is tasked with enhancing Dubai's position as a world economic hub for attracting investment, providing appropriate investment environment and instilling confidence in the investment environment in Dubai in addition to the promotion for projects and investment opportunities in the Emirate," read a statement cited by news agency WAM.

Under the law, the Agency will be tasked with reviewing and analysing the investment climate in the emirate, identifying investment opportunities and impediments to their growth, as well as dealing with any obstacles.

Article 12 of the law dictates that preferential advantages, including incentives and exemptions, be granted for investment projects in areas including infrastructure, industrial, social, educational and healthcare.

The new Agency comes hot on the heels of a new tourism body which will establish offices in key cities around the world to market ‘Brand Dubai’ and boost inbound travel and trade.

On Sunday, Sheikh Mohammed bin Rashid Al Maktoum issued a new law establishing a new body, Dubai Corporation for Tourism and Commerce Marketing (DCTCM).

The corporation will be an affiliate of the Department of Tourism and Commerce Marketing (DTCM) and will take direct responsibility for the marketing and promotion of the Emirate of Dubai.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia, other issuers gear up as Gulf bond crush looms

Saudi Arabia, other issuers gear up as Gulf bond crush looms

Cash-strapped region gears up for one of its heaviest-ever periods...

Saudi central bank fights to curb money rate rise

Saudi central bank fights to curb money rate rise

Commercial bankers say more radical steps may be needed to fight...

Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Discussed
sponsoredTracking