Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued laws to establish three new subsidiaries of the emirate’s Department of Economy and Tourism.
The new subsidiaries include the Dubai Corporation for Consumer Protection and Fair Trade, the Dubai Business Licence Corporation (DBLC) and the Dubai Economic Development Corporation (DEDC).
They aim to boost various economic growth drivers such as business attractiveness, development initiatives, ease of doing business, consumer protection and sectoral governance, Dubai Government Media Office said on Wednesday.
They will also back DET’s mandate of supporting the goals of the Dubai Economic Agenda D33 that was announced last month. It intends to double the size of the emirate’s economy and consolidate its position as one of the world’s top three cities.
“We constantly seek to enhance the supportive framework needed to enhance growth, economic value and innovation in Dubai,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said.
“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 newly formed organisations will work together to enhance sustainable economic growth and Dubai’s attractiveness as a global fair-trade destination.
They will seek to generate new avenues for “growth, development and innovation, working closely with key governmental and private sector partners”, Helal Al Marri, DET’s director general, said.
“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, national SMEs, trade, manufacturing and the new economy,” he said.
DEDC’s goals include enhancing Dubai’s economic competitiveness, implementing economic development plans, supporting diversification and sustainability of the emirate’s economy, attracting foreign investment and global talent in vital sectors, strengthening Dubai’s position as a global destination for investments and entrepreneurship in the digital economy, and establishing projects focused on advancing innovation, artificial intelligence and technology.
While 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.
The Dubai Corporation for Consumer Protection and Fair Trade will work towards creating a conducive environment for fair trade and competition. It will boost economic stability by ensuring consumer protection and competitiveness of the business sector, the statement said.
Business activity in Dubai's non-oil private sector economy remained strong in December, boosted by a sharp increase in output as new orders climbed amid rising customer demand at the end of last year.
The emirate's seasonally adjusted S&P Global purchasing managers' index reading in December edged higher to 55.2, from 54.9 in November, firmly above the neutral 50 mark separating expansion from contraction.