Dubai: Manipulation of foreign goods in the UAE market tops business risks in the emirates, according to Lieutenant General Dahi Khalfan Tamim, Deputy Head of General Security in Dubai.
“The government should pay attention to the phenomenon of flooding the market with foreign goods, giving no room for local goods to get shares in its market,” he said.
Lt Gen Dahi called on UAE authorities to better monitor the market and control the channels of the flow of goods as well as evaluate the prices in a way that allows local products to be promoted in the market.
Lt Gen Dahi was speaking at the Annual Knowledge Forum which was organised by the Dubai Department of Economic Development on Thursday under the title, “Predicting economic risks and strategies to develop Emiratis’ talents and ensure social and economic sustainability.”
He said the UAE should develop a long-term and short-term risk management strategy to ensure sustainable social and economic development.
Moreover, up to date, legal infrastructure and preventive economic strategy should be in place to beat all possible risks and challenges, he said.
Opportunities for Emiratis
He also said that the number of businesses owned 100 per cent by Emiratis are very low and that could represent a major risk for the UAE market in the long run.
“UAE nationals should not accept being silent partner in any business, just to sponsor a foreign businessman for a low annual charge,” he said.
“Emiratis should benefit from business opportunities in the market by having their own business or being active partners,” Lt Gen Dahi said.
Looking to increase awareness about the possible risk and challenges that might have a negative impact on the UAE economy, Sami Al Qamzi, Director General of DED said that escalating the knowledge on how to manage the possible business risks is essential in any country to ensure sustainable social and economic development.
Borrowing the words of Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Al Qamzi said: “Knowledge is the shortest way for winning. The extent of your knowledge is more important than the extent of your capability.”
