24

DOING BUSINESS IN DUBAI

ECONOMIC POLICy AND STRATEGy

3

The economic policy of Dubai is based on safeguarding and respecting the individual freedom in ownership of the means of production, practicing any type of business activities and providing all facilities. There are no restrictions on imports and exports except some minor customs and administrative duties. The government plays a supervisory role in issuing legislation, which organise the functioning of the various economic sectors while causing no hindrance to

the business activities. Dubai government has laid out a long term economic vision based on various policies and strategies. The expectation is to create a long term roadmap for economic progress for the Emirate through the establishment of a common framework aligning all policies and plans and fully engaging the private sector in their implementation. The initiative builds upon the foundations laid by the Dubai Strategic Plan 2015.

25

Since the establishment of the UAE, Dubai developed a distinct identity as a modern and dynamic emirate. Dubai now enjoys a global reputation as an economic hub and an excellent location for investment. Dubai government has commissioned the development of the Dubai Strategic Plan along five sectors namely: (1) Economic Development (2) Social Development (3) Infrastructure, Land and Environment (4) Security, Justice and Safety (5) Government Excellence. The government has adopted a set of guiding principles for the various sectors that comprise the Dubai Strategic Plan:

Adoption of free market economy • principlesInnovation in launching initiatives• Speed and accuracy in project • executionUnique relationship with private • sector partnersProtection of national identity, • culture and way of lifeDevelopment of national human • resourcesPromoting social justice and • equalityOpenness to the world while • maintaining uniquenessProvision of world class • infrastructurePreserving environment in line with • international standardsTransparency•

DUBAI STRATEGIC PLAN 2015

Sound financial performance and • effectivenessAccountability and result-based • culture

Much of Dubai’s current business success has been the result of its bold and visionary leadership. Economic growth was fuelled by private sector participation in developing sectors for which the government set the stage by establishing a conducive business environment, coupled in many instances with heavy investments to boost private sector confidence.

27

DUBAI DEPARTMENT OF ECONOMIC DEVELOPMENT (DED)

4

The Department of Economic Development is responsible for proposing the economic and commercial policy of Dubai and preparing the plans and programmes required for implementing this policy. The Department provides commercial licensing and trade name registration and conducts the necessary studies to encourage and promote the private sector.

DED fosters an environment for sustainable economic development to enhance the economic welfare and prosperity of Dubai and the UAE by developing and enhancing economic

policy and regulations, providing efficient services to local and international investors and businesses and identifying and supporting growth of key sectors. DED aims to ensure consistent, relevant and timely customer communications and outreach efforts, to improve customer services across DED Group through automation, online offerings, streamlining processes and better customer care systems, to ensure high economic impact of key services such as attraction of foreign investment, promotion of entrepreneurship and SMEs.

DUBAI EXPORT

28

DOING BUSINESS IN DUBAI

DUBAI FOREIGN INVESTMENT OFFICE (DUBAI FDI)Dubai FDI, an initiative of DED, is committed to positioning Dubai as the preferred investment destination globally by offering investors unparalleled opportunities and support services blended with best practices. Dubai FDI aims to reach potential investors through a network of global support units and partnership with local, federal and private investment promotion agencies.

Dubai FDI promotes investment opportunities in Dubai and support international investors to establish a presence here whilst taking advantage of Dubai’s strategic location to access the MENASA region. Dubai FDI assists in the identification of sector specific opportunities, provide connections to a network of both government and non-government partners, and provide support throughout the investment lifecycle from setup to growth. The FDI office has built a growing network of international investment promotion agencies and business facilitators to reach out to investors worldwide, enabling them to be part of the remarkable transformation in Dubai. Investments facilitated by Dubai FDI have also contributed substantially to bringing in game-changing innovations and enterprise diversity to Dubai. For example, Dubai FDI was instrumental in setting up the region’s first Carbon Neutral warehouse and a facility to

produce biofuels from used cooking oil. It has also worked with the global logistics major DHL to set up the ‘DHL Service Point 24/7’ in Dubai in 2011, the first such facility outside Europe.

29

DUBAI SMEThe DED agency mandated to develop the small and medium enterprise (SME) sector, offers various programmes to inspire, mentor and support UAE entrepreneurs. Dubai SME’s unique contribution to the economy is in increasing number of quality of new businesses entering the market. Under its SME 5-year plan, Dubai SME has launched various initiatives to promote entrepreneurship and develop the sector. The agency is also focusing on encouraging and supporting UAE nationals to actively participate in the economic growth of Dubai, and facilitating the establishment of small & medium enterprises.

In 2011, Dubai SME launched the ‘Dubai SME100’ initiative, aimed at recognising outstanding SME performance and potential. The ranking initiative forms a critical component of the SME 5-year plan and identifies those role model SMEs that Dubai and the UAE can be proud of.

DUBAI EVENTS AND PROMOTIONS ESTABLISHMENT (DEPE)DEPE, another DED initiative, is tasked with promoting Dubai as a year-round destination of events and retail promotions. The Establishment’s vision is to be the driving force in promoting Dubai as a unique global shopping tourism destination. DEPE develops, promotes, facilitates, and supports the

30

DOING BUSINESS IN DUBAI

retail and events sectors, ensuring year-round attractions and reasons to visit the emirate, its festivals, malls, souks and high streets. The major events DEPE currently organises include Dubai Shopping Festival, Dubai Summer Surprises, Eid in Dubai etc.

The Dubai Calendar is one of the main initiatives of DEPE that aims to highlight Dubai’s festivals, exhibitions, cultural and sport events for the entire year.

DUBAI EXPORT DEVELOPMENT CORPORATION (DUBAI EXPORTS)As the official export promotion agency of the Dubai government, Dubai Exports’ role is to support local exporters to develop and diversify their overseas operations. Dubai Exports creates an enabling environment for exports by providing value added services, marketing & communications and competitiveness of exporters. Dubai Exports envisions being a world class model in supporting and facilitating exports by enhancing the competitiveness of Dubai as a preferred trading partner.

DUBAI COMPETITIVENESS OFFICE (DCO) DCO will consolidate efforts to create best practices and boost performance in the public and private sectors, thus improving Dubai’s ranking across global indices. DCO aims to enhance the

competitiveness of UAE in generaland Dubai in particular on the regional and international levels. The office will also develop and implement necessary strategies to upgrade the capabilities of Emiratis and strengthen Dubai’s standing as an investment destination. In addition to coordination of government efforts towards competitiveness in the local and federal levels, the Dubai Competitiveness Office will seek to spread awareness on the concept of competitiveness across all service sectors and implement medium and long term strategies to achieve its goals. DCO will also liaise with other government departments and institutions in the UAE as mandated by the Dubai Executive Council to evolve an integrated mechanism to leverage Dubai’s competitiveness.