Dubai plans more policies, initiatives for businesses

“The vision of the leadership in Dubai is to consolidate the emirate’s strengths into an innovative and diversified knowledge-based economy of unique efficiencies,” said Ibrahim.

Dubai — Dubai will continue to revamp its policies and launch more strategic initiatives in different sectors, with emphasis on foreign investment, infrastructure development and ease of doing business, a senior government official has said.

In the next few years, there will be more new initiatives in the infrastructure and policy domains, which will power business to new heights, said Ali Ibrahim, deputy director-general, Department of Economic Development (DED).

Addressing the Institute of Chartered Accountants of India’s (ICAI) Dubai annual international conference on Saturday, he said the World Expo 2020, which Dubai is set to host, is opening up new opportunities for public and private sector exports across varied goods and services.

“The vision of the leadership in Dubai is to consolidate the emirate’s strengths into an innovative and diversified knowledge-based economy of unique efficiencies,” said Ibrahim.

He said the central theme of the conference — ‘Powering the Business, Leading with Dynamism’ — reflects the direction along which Dubai is moving today. Dubai is now cruising at a new level, after evolving into a regional and global hub for business and a successfully diversified economy, he said.

“Dubai has embarked on an ambitious Smart City initiative, a green economy initiative for sustainable development and an innovative strategy to evolve into the capital of Islamic economy. Let’s all involve actively in this new success story,” said Ibrahim.

“In recent years, the emirate has strengthened its advantages as a competitive business location, a vital supply chain link, a unique tourist destination, and more importantly, a preferred place to experience life. A key advantage for Dubai is its ability to connect global trade to the Indian Subcontinent, as well as Africa, Central Asia and the Middle East,” he said.

A 4.5 per cent GDP (gross domestic product) growth as well as vibrant trade and tourism have made Dubai one of the top five fastest growing cities in the world as per international ratings by the Brookings Institution and JPMorgan Chase.

Ibrahim said companies and professionals from India are well-placed to be part of this new phase of Dubai’s growth as well, through their expertise, innovations and public-private partnerships.

“Trade between Dubai and India in 2014 was worth Dh109 billion. I am confident our bilateral relations can be enhanced significantly in the coming years. The UAE has consistently remained India’s top export destination and in 2014, our bilateral trade increased 20 per cent to reach Dh252 billion. Today, India is on track to become the world’s fifth-largest exporter of goods by 2030 in value terms. A recent HSBC Trade Forecast says the country will also be among the top export and import destination of the UAE by the same timeline. The number of Indian firms operating in various sectors across the UAE is estimated at 45,000,” he said.

Ibrahim pointed out that chartered accountants from India have a special place in the UAE business landscape, especially in supporting Dubai’s tradition of excellence and successful enterprise.

“I believe Indian professional expertise and entrepreneurship, held in high esteem worldwide, will remain a major driver of our bilateral exchanges. There are shared goals and numerous opportunities for stronger co-operation in the growth projections and development aspirations of our respective countries.”

Raju Menon, chairman of ICAI Dubai chapter, said that the trust enjoyed by chartered accountants in this part of the world was unparalleled and attributed the success of top business houses and entrepreneurs to chartered accountants.

— issacjohn@khaleejtimes.com