Dubai Announces New Corporations to Boost Tourism and Simplify Business

Subsidiaries of the Dubai Department of Economy and Tourism will ease business in the city and draw foreign investors.

Sheikh Mohammed established three new corporations in Dubai

In an effort to grow the industry, Dubai has formed three subsidiaries of the Department of Economy and Tourism.

The new organisations will facilitate economic transactions in the area and draw foreign capital to the UAE.

Vice President, Prime Minister, and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum released new regulations to start the new businesses.

The new subsidiary will work to improve sectoral governance, business attractiveness, development initiatives, and ease of doing business, among other important economic growth factors.

Dubai Corporation for Consumer Protection and Fair Trade, Dubai Business Licensing Corporation (DBLC), and Dubai Economic Development Corporation are the new subsidiaries (DEDC)

As soon as they are published in the Official Gazette, the three laws take effect.

The newly added features are intended to assist the city's D33 economic strategy, which was introduced earlier this year.

As one of the top three cities in the world, D33 wants to increase the size of the emirate's economy.

Dubai's Crown Prince and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated: "We always endeavour to expand the supportive environment required to boost growth, economic value, and innovation in Dubai.

"As part of achieving the objectives of the Dubai Economic Agenda D33, we are working to raise Dubai's status as a preferred location for international companies, investment, and talent by investing in human development and advanced technology, enhancing the city's global competitiveness and innovation capabilities, bolstering its knowledge-based economy, and building on the advantages gained from the city's strategic location and cutting-edge infrastructure."

To further D33 and its innovative projects, the DEDC and the DBLC will support DET's current subsidiaries.

The new organisations will collaborate with the Corporation for Consumer Protection and Fair Trade to promote sustainable economic growth and the emirate's appeal as a worldwide fair-trade destination that offers a wealth of corporate expansion prospects.

As part of Sheikh Mohammed's mission to build an ecosystem for enhancing sustainable economic growth and making it the best city in the world to live and work in, the new organisations seek to support businesses in the city at crucial stages of the business lifecycle.

"The newly established organisations will attempt to produce new pathways for growth, development, and innovation, working closely with important governmental and business sector partners," noted Helal Al Marri, Director-General of DET. They will establish specific priorities and enablers based on a shared vision for Dubai's economic and social development over the next ten years and beyond. They also plan to make Dubai a hub for skilled workers and a focal point for national SMEs, international trade, manufacturing, and the new economy.

By creating 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, we are also committed to making Dubai one of the top three international destinations for tourism and business.

New corporations look to enhance business competitiveness in the city

Dubai Economic Development Corporation

The Dubai Economic Development Corporation's (DEDC) main objectives are to increase Dubai's economic competitiveness, implement economic development plans, support the diversification and sustainability of the emirate's economy, attract foreign investment and talent from around the world in key sectors, and strengthen the emirate's reputation as a top location for investments and digital economy entrepreneurship.

In order to accomplish these objectives, the DEDC will suggest initiatives that assist the emirate's economic development plans, develop an integrated framework for monitoring and evaluating plan implementation, identify barriers impeding plan implementation and suggest solutions, develop programmes to develop priority economic sectors, and identify sectors that should attract investments as part of Dubai's strategic plan.

 

The new subsidiary will work to improve sectoral governance, business attractiveness, development initiatives, and ease of doing business, among other important economic growth factors

Dubai Business Licence Corporation

The Dubai Business Licence Corporation (DBLC) seeks to improve the emirate's standing as a major international trading centre and to foster an environment that will encourage more investment across a range of industries.

Additionally, it will: 

• Simplify licencing procedures for commercial buildings and improve the investor experience.

• Improve the licencing processes for businesses

• Register names, liens, and business rights.

The new organisation will work to improve the emirate's business environment.

The DBLC will be the only organisation in charge of overseeing adherence to the procedures, controls, and measures connected to the investor journey and managing business operations in the emirates, including those in its free zones.

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Dubai Corporation for Consumer Protection and Fair Trade

The Dubai Corporation for Consumer Protection and Fair Trade works to improve economic stability by ensuring consumer protection, boost business sector competitiveness by putting a stop to practises that have a negative impact on the market, ensure the best possible regulation of different economic sectors, encourage justice, transparency, and fair competition, and support the best possible functioning of the market.

The duty of creating strategies and policies for fair trade, competitiveness, and the defence of consumer rights falls to the Corporation for Consumer Protection and Fair Trade.

The new company will create programmes and initiatives to safeguard intellectual property rights, examine and address consumer and business concerns, and plan awareness-raising activities to advance consumer rights, ethical business practises, and competitive fairness.