Khaleej Times, Thursday, Feb 09, 2023 | Rajab 18, 1444
Dubai: Sheikh Mohammed issues laws to establish new corporations under Department of Economy & Tourism
Emirates:
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.