Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Ruler of Dubai, Vice-President and Prime Minister of the UAE, on Tuesday morning, issued a law transferring the powers of the Dubai Economic Council (DEC), established legally in 2007, to Dubai’s Department of Economic Development (DED), according to a statement released by Dubai Media Office.
The new law is part of Dubai’s efforts to enhance procedures, overcome challenges and maintain its position as a global hub for business and trade.
Consistent with the new ruling, Law No (3) of 2017, employees of the Dubai Economic Council will be transferred to the DED without impacting their vested rights.
Establish by Shaikh Mohammad in 2003 and made up of senior businessmen and officials, the DEC’s remit saw it support the government in economic policymaking.
According to the statement, the law aims to continue to support the economic decision-making process, encourage the business environment in Dubai, involve the private sector in the process of developing public policies through the Dubai Chamber and the DED, promote partnerships between public and private sectors to boost economic growth and enhance international competitiveness.
This announcement annuls Law No (28) of 2007 on Dubai Economic Council, and any other legislation that contradicts or challenges its articles. The Chairman of Dubai Executive Council may issue the required bylaws to implement the new Law, which is valid from the date of publication in the Official Gazette, a periodic publication containing all legislation issued by the government of Dubai.
The new law contributes to maximising the benefits obtained from available resources and the development of a diverse economic system that creates new opportunities.
The DED’s vision, according to its website, is to “achieve Dubai’s economic development goals of competitiveness and sustainability,” whilst its mission is to “enhance the economic welfare and prosperity of the people.”