Dubai: Sheikh Mohammed issues laws to establish new corporations under Department of Economy & Tourism

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, issued Laws No. (5), (6) and (7) of 2023 establishing three new subsidiaries of Dubai’s Department of Economy and Tourism (DET). 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 include the Dubai Corporation for Consumer Protection and Fair Trade, established under Law No. (5) of 2023; the Dubai Business Licence Corporation (DBLC), established under Law No. (6) of 2023; and the Dubai Economic Development Corporation (DEDC) established under Law No. (7) of 2023. The three laws are effective from the date of their publication in the Official Gazette. The move supports DET’s mandate of supporting the goals of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid. Announced in January this year, D33 aims to double the size of the emirate’s economy and consolidate its position as one of the world’s top three cities. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “We constantly seek to enhance the supportive framework needed to enhance growth, economic value and innovation in Dubai. As part 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 Dubai Economic Development Corporation (DEDC) and the Dubai Business License Corporation (DBLC) will complement the efforts of DET’s existing subsidiaries to drive forward the Dubai Economic Agenda D33 and its innovative projects. Together with the Dubai Corporation for Consumer Protection and Fair Trade, the new organisations will work to enhance sustainable economic growth and Dubai’s attractiveness as a global fair-trade destination that provides vast growth opportunities for businesses. The new organisations aim to support enterprises in Dubai at key stages of the business lifecycle as part of HH Sheikh Mohammed bin Rashid’s vision to create an ecosystem for enhancing sustainable economic growth and make Dubai the world’s best city to live and work. His Excellency Helal Almarri, Director General, DET, added: “We continuously work under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the follow up of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, to enhance the conditions for growth and develop new initiatives to ease procedures for businesses and investors. These efforts support the leadership’s goal of consolidating Dubai’s status as the world’s best destination for businesses and investment. “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.” The Dubai Economic Development Corporation (DEDC), established under Law No. 7 of 2023, is authorised to undertake all initiatives needed to fulfil its objectives, aligned with DET’s strategy and the Dubai Economic Agenda D33. Its 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; establishing projects focused on advancing innovation, artificial intelligence, and technology; and 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. The Dubai Business License Corporation (DBLC), established under Law No. 6 of 2023, 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; and 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. To fulfill its mandate, the Corporation is authorised to develop comprehensive plans, policies and strategic frameworks for economic activities, procedures for registering and licensing economic establishments; develop policies for licensing professional businesses in line with legislations, streamlining licensing procedures for economic establishments in Dubai and registering them in the commercial registry. The Dubai Corporation for Consumer Protection & Fair Trade, established under Law No. 5 of 2023, 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 Dubai Corporation for Consumer Protection & Fair Trade is also 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. Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Dubai: Sheikh Mohammed issues laws to establish new corporations under Department of Economy & Tourism

DISCOVER MORE

Kuwait arrests, deports 10,000 expats for violating residency, labour laws

1,648 new jobs for Bahrainis

Bahrain is committed to growth plans says HRH the Crown Prince and Prime Minister

More funds urged for dilapidated homes in Bahrain

Infracorp posts net profit of $33mln: Bahrain

Gulf Hotels Group (GHG) exploring opportunities in Saudi Arabia and Georgia

UAE: Majlis Mohamed bin Zayed Ramadan 2023 lectures announced

24,000 job slots included in new budget: Kuwait

BP and UAE's ADNOC bid for stake in NewMed Energy

UAE banking sector to remain stable in 2023 – KPMG

UAE approves 24 national initiatives to double re-export industry

Saudi’s fintech sector starts to rival UAE, Egypt as number of firms nearly doubles

Saudi banks likely to remain profitable in 2023 – A&M

UAE approves 24 national initiatives to double re-export industry

UAE: Sheikh Zayed Housing Programme issues 432 decisions worth $81.4mln

Find out about new rules on local company purchase of shares issued by DFM

Ramadan in UAE: Sharjah announces paid parking hours for the holy month

UAE allows temporary increase in egg, poultry prices

LATEST VIDEO

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

ZAWYA COVERAGE

UAE approves 24 national initiatives to double re-export industry

Saudi Industrial Investment Group to acquire stake in Danish firm Unibio for $70mln

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

Global energy transition needs $35trln investment by 2030 – IRENA

UAE: New partnership with AstraZeneca to combat noncommunicable diseases

WHO changes COVID vaccine recommendations

Dubai records over $762.4mln in realty transactions Tuesday

FTX's Bankman-Fried charged with bribery conspiracy in new indictment

Moscow to host Syria, Turkey, Iran, Russia meeting

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE