Dubai March 26th
A new body that will promote Dubai's claim to being a world-class destination for tourism and international business and commerce will strengthen the Emirate's ability to capitalise on its successful bid for the World Expo 2020, and is a step forward in its vision to attract 20m visitors per year - generating AED 300bn in annual revenues - by the end of the decade.
The Dubai Corporation for Tourism and Commerce Marketing (DCTCM) is an affiliate of the government's Department of Tourism and Commerce Marketing (DTCM). Its mandate is threefold: first, to endorse Dubai's credentials for tourism, entertainment and events; second, to promise it as a global hub of business and commerce; and third, to encourage international corporations to establish offices in the Emirate.
Eli Hyder, Managing Partner of Bond lawyers says: "Dubai has seen a remarkable proliferation in tourism in a very short space of time: it attracted 5m annual visitors for the first time only eight years ago, and passed 10m as recently as 2012. That trend is continuing unabated. The latest figures show that in the first nine months of 2013, Dubai hotels welcomed 7.9m visitors, who spent more money than ever before - a 10 per cent year-on-year surge. The establishment of a dedicated, specialist body like the DCTCM is a welcome initiative to sustain this strong momentum, particularly given the vast ambition of the 2020 targets".
One of the prime functions of the DCTCM will be to harness and direct international investment into Dubai following the Expo2020 award. Analysts have estimated that at least US$9bn will be invested in the Emirate's infrastructure ahead of the event. The Corporation will work alongside a number of public bodies, as well as establishing a presence in key markets around the globe. DTCM, its affiliate, already has 20 offices in five continents, including four in China, the world's most populous country.
Eli Hyder added: "In the business arena, Dubai is already ranked one of the world's most popular destinations. In its most recent rankings, CBRE ranked it at No.9 globally, noting that more than 56 per cent of the companies it profiled had a presence there. That will be bolstered by the Emirate's new Business Bay, the 64m square ft 'city within a city' that is poised to be a new capital of commerce in the Middle East. With the vast resources that have been expended to establish this infrastructure, it is imperative that there is a strong network in place to showcase Dubai's offering to the rest of the world. DCTCM, supported by the other government bodies that promote international trade and foreign investment, will be a crucial part of that network".
Foreign direct investment into the UAE is expected to jump 20 per cent in 2013, reaching US$14.4, while foreign trade has been forecast to rise at the same rate. The country is now the third biggest recipient of FDI in the Arab world, with figures have trebled over the past half-decade.
About Bond Lawyers:
Bond Lawyers is an independent UAE based law firm that provides external legal counsel solutions. Bond's specialist practice areas are corporate, commercial, restructuring and private placements, construction and real estate, banking and finance, intellectual property, litigation and dispute resolution, Islamic finance, media and entertainment, family office services and employment.
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© Press Release 2014