Until recently complete ownership to foreign investors was the sole feature of free zones in UAE, but from June 1st onwards UAE mainland can also boast of this characteristic.
Dubai Council has decided to restructure the government by appointing senior officials within the emirate’s administration and has approved the five-year foreign trade plan to bring in more foreign investment.
The restructuring of the government aims to bring in foreign trade to AED 2 trillion from AED 1.4 trillion. The meeting pointed out three changes that are to be made in the emirate. “The new resolutions seek to raise Dubai’s status as a global economic and investment hub and improve the quality of life for our citizens and residents,” said Sheikh Mohammed.
Restructuring of the Dubai Chamber to three was one of the first resolutions taken by the council. Sheikh Mohammed during the meeting said that, “We will form three new chambers of commerce in Dubai, which will include the Chamber of International Trade that will work to support the interests of international companies based in Dubai, and the Chamber of Digital Economy that will seek to leverage technological trends of the future to promote growth and innovation”.
Dubai Chamber, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy are the three chambers introduced. Juma Al Majid was appointed as the Honorary Chairman of Dubai Chamber, Abdulaziz Al Ghurair as the Chairman of Dubai Chamber, Sultan bin Sulayem as Chairman of Dubai Chamber of International Trade and Omar Al Olama as Chairman of Dubai Chamber of Digital Economy.
Dubai Chamber of International Trade was set up to focus on the emirate’s foreign trade and its expansion to the global markets. The chamber will also look into providing support for businesses to grow and to find place in the global market. The members of the chamber will be businessmen, entrepreneurs and investors.
The Dubai Chamber of Digital Economy on the other hand is assigned to launch projects and developing studies on the future economy as an aim to make Dubai an international technology hub and to bring in the world’s best digital infrastructure. With the goal of optimizing the interests of the technology companies, and advancing the role of digital economy, the chamber will thrive to achieve its goal by building a network with local and international tech entrepreneurs and investment funds. The members of the chamber will also be technology entrepreneurs and investors.
In addition to these, a higher committee to develop a strategic plan for the chambers headed by Abdulaziz Al Ghurair, will be formed with the three chairmen.
As part of restructuring the government, all the Dubai officials and department heads will have to sign three-year binding contracts which list the outcomes, duties and work accountability.
A new development plan has been added to the roadmap that is chartered for the next development phase, called the Dubai 2040 urban development strategy. In this strategy, 60% of the emirate’s total area will constitute the natural reserves and rural natural areas. While land used for hotels and tourism will be increased to 134%, land area for education and health facilities will be 25%. The length of the public beaches will go up to 400% in 2040. Two new centers and three existing urban centers are included for development and investment in the new Dubai Urban Master Plan.
Sheikh Mohammed stressed that the Dubai entities must work together for the next phase of development.
The final resolution included was the approval of five-year foreign trade plan. This will help in attaining the emirate’s goal as the international business hub, focusing more on the high-growth markets like Latin America, Africa and Asia. The government will do its best to bring in foreign investments by creating a more attractive business environment.
“We approved a new global trade map for Dubai that establishes routes to over 400 cities around the world, and we aim to expand this network to 200 additional cities to reinforce the UAE’s pivotal role as an international business hub,” said Sheikh Mohammed during the meeting.
The meeting of the Dubai Council had taken some historic decisions which will help the emirate in becoming a global leader in terms of digital economy, foreign investment and trade. The approval of restructuring the government, Dubai chamber and the introduction of the five-year foreign trade plan are all bound to bring more prosperity to the emirate and to achieve great heights.