Dubai establishes new entities to assist D33 financial agenda

Published: February 08, 2023

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has introduced the institution of three new subsidiaries of Dubai’s Department of Economy and Tourism (DET).

The new entities will work in the direction of enhancing key financial development drivers together with enterprise attractiveness, growth initiatives, ease of doing enterprise, shopper safety and sectoral governance.

They embody the Dubai Corporation for Consumer Protection and Fair Trade, established below Law No. (5) of 2023; the Dubai Business Licence Corporation, established below Law No. (6) of 2023; and the Dubai Economic Development Corporation established below Law No. (7) of 2023.

The three legal guidelines are efficient from the date of their publication within the Official Gazette.

The transfer enhances DET’s mandate of supporting the targets of the Dubai Economic Agenda D33 introduced in January, which goals to double the dimensions of the emirate’s financial system and consolidate its place as one of many world’s prime three cities.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, mentioned: “We constantly seek to enhance the supportive framework needed to enhance growth, economic value and innovation in Dubai.”

The Dubai Economic Development Corporation (DEDC) and the Dubai Business Licence Corporation (DBLC) will complement the efforts of DET’s current subsidiaries to drive ahead D33’s agenda and its modern initiatives.

Together with the Dubai Corporation for Consumer Protection and Fair Trade, the brand new organisations will work to boost sustainable financial development and Dubai’s attractiveness as a world fair-trade vacation spot that gives huge development alternatives for companies.

“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,” mentioned Helal Almarri, Director General, DET.

  • The Dubai Economic Development Corporation’s key targets embody enhancing Dubai’s financial competitiveness; implementing financial growth plans; supporting the diversification and sustainability of the emirate’s financial system; attracting overseas funding and international expertise in very important sectors; strengthening the emirate’s place as a world vacation spot for investments and entrepreneurship within the digital financial system; establishing initiatives targeted on advancing innovation, synthetic intelligence, and expertise; and making the emirate a number one inexperienced financial system hub.
    • To obtain these targets, the DEDC will suggest initiatives that assist the emirate’s financial growth plans, create an built-in framework for following up and evaluating the implementation of plans, determine obstacles that impede their implementation and suggest options, create programmes to develop precedence financial sectors and determine sectors that want to draw investments as a part of Dubai’s strategic plan.
  • The Dubai Business Licence Corporation goals to strengthen the emirate’s place as a world business hub and create an surroundings for attracting elevated funding in numerous sectors. It may even streamline licensing procedures for enterprise institutions and improve the investor journey; improve licensing procedures for financial institutions; and register names, mortgages and business rights. The new organisation will work to boost ease-of-doing enterprise within the emirate.
    • The DBLC would be the sole authority answerable for monitoring compliance with procedures, measures and controls associated to the investor journey and regulating financial actions within the emirates, together with its free zones.
    • To fulfill its mandate, the Corporation is authorised to develop complete plans, insurance policies and strategic frameworks for financial actions, procedures for registering and licensing financial institutions; develop insurance policies for licensing skilled companies in step with legislations, streamlining licensing procedures for financial institutions in Dubai and registering them within the business registry.
  • The Dubai Corporation for Consumer Protection & Fair Trade seeks to create a conducive surroundings for truthful commerce and competitors, improve financial stability by guaranteeing shopper safety, and additional improve the competitiveness of the enterprise sector by curbing practices that negatively influence the market, guarantee optimum regulation of assorted financial sectors, promote justice, transparency and truthful competitors and assist the optimum functioning of the market.
    • It can be tasked with creating plans and insurance policies associated to truthful commerce and competitiveness and safety of shopper rights. The new subsidiary will develop programmes and initiatives to guard mental property rights, assessment and resolve complaints filed by business institutions and customers, and organise consciousness campaigns to advertise shopper rights, truthful commerce and truthful competitors.

Source web site: www.dubai92.com