Dubai has established three subsidiaries of its Department of Economy and Tourism as it looks to expand the sector.
The new entities will make it easier to do business in the city and attract foreign investment into the UAE.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and ruler of Dubai issued new laws to establish the new ventures.
The new subsidiaries will seek to enhance key economic growth drivers including business attractiveness, development initiatives, ease of doing 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 three laws will be effective as soon as they are published in the Official Gazette.
The new additions are designed to support the city’s economic agenda, D33, launched earlier this year.
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 the DBLC will complement the efforts of DET’s existing subsidiaries to drive forward D33 and its innovative projects.
Together with the Corporation for Consumer Protection and Fair Trade, the new organisations will work to enhance sustainable economic growth and the emirate’s attractiveness as a global fair-trade destination that provides vast growth opportunities for businesses.
The new organisations aim to support enterprises in the city at key stages of the business lifecycle as part of Sheikh Mohammed’s vision to create an ecosystem for enhancing sustainable economic growth and make it the world’s best city to live and work.
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.”
Dubai Economic Development Corporation
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
- Wstablishing projects focused on advancing innovation, artificial intelligence, and technology
- Making the emirate a leading green economy hub
To achieve these goals, the DEDC will propose initiatives that support the emirate’s economic development plans, create an integrated framework for following up and evaluating the implementation of plans, identify obstacles that impede their implementation and propose solutions, create programmes to develop priority economic sectors and identify sectors that need to attract investments as part of Dubai’s strategic plan.
Dubai Business Licence Corporation
The Dubai Business Licence Corporation (DBLC) aims to strengthen the emirate’s position as a global commercial hub and create an environment for attracting increased investment in various sectors.
It will also:
- Streamline licensing procedures for business establishments and enhance the investor journey
- Enhance licensing procedures for economic establishments
- Register names, mortgages and commercial rights.
The new organisation will work to enhance ease-of-doing business in the emirate.
The DBLC will be the sole authority responsible for monitoring compliance with procedures, measures and controls related to the investor journey and regulating economic activities in the emirates, including its free zones.
Dubai Corporation for Consumer Protection and Fair Trade
The Dubai Corporation for Consumer Protection and Fair Trade seeks to create a conducive environment for fair trade and competition, enhance economic stability by ensuring consumer protection, and further enhance the competitiveness of the business sector by curbing practices that negatively impact the market, ensure optimal regulation of various economic sectors, promote justice, transparency and fair competition and support the optimal functioning of the market.
The Corporation for Consumer Protection and Fair Trade is tasked with developing plans and policies related to fair trade and competitiveness and protection of consumer rights.
The new subsidiary will develop programmes and initiatives to protect intellectual property rights, review and resolve complaints filed by commercial establishments and consumers, and organise awareness campaigns to promote consumer rights, fair trade and fair competition.
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