Driving Economic Growth and Development in Dubai: New Subsidiaries Launched to Achieve Ambitious Goals
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice-President and Prime Minister of the UAE, has recently established three new subsidiaries of the Dubai Department of Economy and Tourism (DET) through Laws No. (5), (6) and (7) of 2023. The aim of these new organizations is to drive economic growth and development in the emirate through enhancing business attractiveness, improving the ease of doing business, promoting consumer protection and sectoral governance. The three new organizations are the Dubai Corporation for Consumer Protection and Fair Trade, the Dubai Business Licence Corporation (DBLC), and the Dubai Economic Development Corporation (DEDC).
The creation of these subsidiaries aligns with the objectives of Dubai Economic Agenda D33, which was launched by Sheikh Mohammed bin Rashid with the aim of doubling the size of the emirate's economy and making it one of the world's top three cities. The DBLC and DEDC will work with DET's existing subsidiaries to achieve these goals, while the Dubai Corporation for Consumer Protection and Fair Trade will focus on promoting Dubai as a global fair-trade destination.
The DEDC has been authorized to undertake all initiatives necessary to meet its objectives, which include enhancing the competitiveness of Dubai's economy, attracting foreign investment, and becoming a hub for innovation and the green economy. Meanwhile, the DBLC will work to streamline licensing procedures for businesses, make it easier to do business in the emirate, and enhance the investor journey.
His Excellency Helal Almarri, Director General of DET, commented that these new organizations will generate new avenues for growth and development, working closely with key governmental and private sector partners. The aim is to make Dubai one of the top three international destinations for business and tourism, providing a competitive environment for sustainable growth and a world-class quality of life.
In conclusion, these new subsidiaries of the DET will play a crucial role in fulfilling Dubai's ambitious economic agenda and promoting sustainable growth in the emirate. The goal is to make Dubai the world's best city to live and work, and these organizations will work to support businesses at all stages of the business cycle, attract investment and talent, and promote consumer protection and sectoral governance.
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