Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved the restructuring of the emirate's chamber of commerce into three separate entities.
They are the Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai International Chamber.
Sheikh Mohammed also approved the board of directors of the overarching Dubai Chambers, which will oversee and co-ordinate the work of the three chambers under a common vision.
The board will "propose mega initiatives to spearhead Dubai's economy, ultimately creating a robust business environment", Sheikh Mohammed said on Twitter.
The new chambers will be responsible for boosting international trade, advancing the digital economy, protecting the interests of entrepreneurs and business owners and supporting Dubai's ambition to establish "the world's best economic ecosystem", he added.
The Dubai Chamber of Commerce and Industry was established in 1965 and has played a vital role in the emirate's "economic renaissance, and today we want the same economic impact in Dubai's future for the next 50 years", Sheikh Mohammed said in a statement.
"We need to adopt new economic thinking, new work mechanisms and develop a legislative system that is the most flexible and most supportive of Dubai's economy."
The chambers will be key to developing the business environment in Dubai and "enhancing the emirate's position as the capital of finance and business in the region and a commercial centre that is the most active in the world", he said.
Juma Al Majid was named as the honourary chairman of the Dubai Chamber of Commerce and Industry while Abdulaziz Al Ghurair was appointed as its chairman. Sultan bin Sulayem was named chairman of the Dubai Chamber of International Trade and Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, was named chairman of the Dubai Chamber of Digital Economy.
Dubai Chamber membership stood at more than 245,000 at the start of 2020, representing all sectors of the economy.
Plans to split Dubai Chamber's functions were first announced by Sheikh Mohammed in March as part of a broader plan to adopt a more "flexible and efficient" government structure.
As part of this, the emirate plans to adopt a new Dubai International Trade Map. Dubai already has shipping and air links with more than 400 cities around the world, and 200 new cities will be added to consolidate the emirate's role in global trade.
Changes will also be made to government employment arrangements, with three-year work contracts introduced for all officials and directors of Dubai departments, agencies and institutions. Accountability will be increased and an output evaluation and rewards system introduced, Sheikh Mohammed said at the time.
A five-year plan was also approved to raise the value of the emirate's foreign trade exchange to Dh2 trillion ($544.5 billion), from Dh1.4tn.