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Rents of commercial outlets need stability

DUBAI - There has been no stable rent rates for commercial outlets, and investors face unpleasant surprises when rents rise abruptly - and sometimes unreasonably - a symposium organised by the Dubai Police on attracting national and foreign investments was told.

Another key point stressed by participants at the Security Agencies and their Role in Encouraging National and Foreign Investment symposium was the protection of consumers and traders, which has been seen as being among the top priorities to achieve commercial security and encourage national and foreign investment. Officials also stressed that further laws have to be promulgated to fight fraud more effectively.

The symposium was organised by the Decision-Making Support Centre, which is affiliated to Dubai Police General Headquarters. It was attended by Lieutenant General Dhahi Khalfan Tamim, Commander-in-Chief of Dubai Police, who was recently promoted to his current rank.

Ahmed Saif Belhasa, a prominent UAE businessman, was a key speaker at the symposium, explaining some aspects of business life. He said rent of a commercial property was Dh48, 000 in one year, which was raised the next year to Dh140, 000, and in the following year to Dh280, 000. He said such a rise was perplexing. Mr Belhasa said that Dubai boasts of many great facilities, but there is a need to have more facilities for investors to attract more capital into the country. He said some laws still had to be promulgated fully and passed, like the investment law of the Ministry of Economy. He said there should also be a greater degree of transparency as world economic changes dictate.

Industrial areas, said Mr Belhasa, should have definite maps and development plans to encourage investments into these areas. He said some industrial areas had not been developed fully, and cited the example of a site on which he built a factory for a client, which was accessible only by 4WD vehicles. The symposium also endorsed a recommendation to promulgate laws to fight administrative corruption.

This followed discussions on security and investments, indices of investor confidence, and the need to combat corruption by Lt Gen Dr Mohammed Hafiz Al Rahwan, director of post-graduate studies at the Egyptian Police Academy, Dr Faridoun Mohammed Najib, expert at the Decision-Making Support Centre, and Advisor Adel Ali Al Saeed of the Egyptian Justice Ministry, respectively. Dr Suhair Ahmed Al Saba'a, of the Dubai Chamber of Commerce and Industry, also presented a study on the pillars of investments in Dubai.

Participants at the symposium underlined the need for anti-fraud laws as a means to strengthen economic and commercial performance in Dubai and the UAE in general. Dr Abdullah said the symposium was intended as a brainstorming session on the roles to be played by security agencies in attracting investments. ‘To attract investment is the declared policy of government institutions and individuals have to support. The understanding of supreme objectives is a prime element that has to be fully understood to achieve success. It is also one of the most important objective evaluation criteria of national commitment,’ said Dr Abdullah.

The official said all parties should work in harmony to achieve set goals. Dr Najib, in his presentation, said ideal security conditions could bring great benefits to investors. He said such excellent conditions could reduce product costs by preventing thefts, bribes and security costs, enhance market mechanisms, fulfil consumer interests, increase added values and government revenues from economic activities, expanding the scope of local and foreign investments, among other benefits.

• UAE