Eli Hyder, Managing Partner of Bond lawyers.
Eli Hyder: "Specialist body necessary to build upon Dubai's strong foreign investment and tourism momentum, as well as to harness international attention generated in the run-up to Expo2020"
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.
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.
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© Press Release 2014
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