By Andy Sambidge
Sheikh Mohammed issues law to establish the Dubai Investment Development Agency
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.