Dubai sets up new entity to join top five global cities

Dubai on Saturday announced another major initiative to accelerate industrial activities, expand foreign trade and promote tourism in the emirate by merging its two key entities.

In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has setup Dubai’s Department of Economy and Tourism by combining Dubai Economy and Dubai Tourism to make Dubai one of the top five global cities in the main economic indicators as well as attract 25 million tourists by 2025.

Saeed Al Marri to head new entity

Helal Saeed Al Marri has been appointed as director-general of the newly-formed department that is given a task to attract 100,000 companies in three years, 400 global economic events annually by 2025, and encourage private sector companies and family businesses to list on the financial markets and stock exchanges in Dubai.

Sheikh Mohammed said the newly-formed department seeks to support the economic and tourism transformations taking place in the emirate. It will adopt the same competitiveness and efficiency of the private sector and work together with it on various development projects, he said.

“Dubai’s economy has witnessed different phases of development throughout its history, which has helped shape the city’s current status as a model for economic development and a preferred destination for tourism. Today, our ambitions have grown bigger and our priorities have changed. Raising our global competitiveness requires new ways of thinking,” Sheikh Mohammed said.

Seven key targets

The department is tasked with meeting seven targets to further strengthen Dubai’s leading position in tourism and economy and make it the world’s best city to live in and work, the vice-president said. These include increasing the added value of the industrial sector by 150 per cent in the next five years, expanding export markets for local products by 50 per cent and increasing the number of tourists coming to Dubai by 40 per cent to 25 million visitors by 2025.

“Our message to the department’s team is that Dubai today is different than yesterday. The future of Dubai will depend on your performance, ideas and efforts,” he said.

Enhancing Dubai’s competitiveness

The Department of Economy and Tourism will also work to promote Dubai’s competitiveness in attracting foreign investments, increase exports, support SMEs, and develop new plans for Dubai’s new economic sectors.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said the new department's goals will soon be identified to increase the added value of the industrial sector, expand foreign trade and reach 25 million tourists in 2025.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister and Minister of Finance, also appreciated the move and said it will enhance competitiveness of the emirate.

"During the previous period, the two departments played a pivotal role in consolidating Dubai as an economic and tourist capital. The next stage requires a high competitiveness of the Emirate, which requires complete harmony between the two sectors," Sheikh Maktoum tweeted.

Rapid decisions under new structure

The new structure will support decision-makers in developing policies and assessing the strategic performance of the economic sector. The ultimate goal of the restructuring is to achieve the vision of Sheikh Mohammed to create a government model that is flexible, efficient and rapid in taking decisions.

The new structure will also help facilitate and reduce procedures related to the issuance of trade and tourism licences to further promote Dubai’s competitiveness, and achieve the optimum usage of the human and financial capital.

Experts laud initiative

Shailesh Dash, a Dubai-based financier and entrepreneur, said this is a very important strategic move by the UAE where the importance of trade, tourism and other related sectors to the Dubai economy get uppermost focus.

"It will also help very much focus on the 4th industrial revolution and upskilling of the population, which is so much more important to our economy today," Dash told Khaleej Times on Saturday.

Atik Munshi, managing partner, FinExpertiza UAE, said that tourism is one of the major pillars of Dubai.

"A consolidation of tourism and economic departments will help seamlessly syncing the services required by businesses. With the apparent improvement in the Dubai economy and opening of international arrivals, tourism too is expected to be see added growth. This move seems to be timely move and would muster more confidence for both the tourists and business," Munshi told KhaleejTimes on Saturday.

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