Opinion | Editorials
Boost for Dubai's ongoing growth
Consistent regulatory business framework attracts both investors and companies
- Gulf News
- Published: 00:00 February 9, 2010
- Image Credit: WAM
- His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has ordered the establishment of a trade regulator to develop, regulate and protect the business environment.
Many of the economic achievements of Dubai are due to its success as a regional and international trade and business centre. This productive and efficient business environment is a valuable asset for the emirate and must be protected and improved for the benefit of the residents and companies based in the city.
To this end, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has ordered the establishment of a trade regulator to develop, regulate and protect the business environment. The regulator will protect companies and consumers from illegal practices, while improving the business environment, among other aims. However, regulation must be applied with a light hand and be effectively administered — otherwise it simply becomes another burden and cost to business.
The new body is expected to become the sole economic regulator in Dubai. This is important to improve co-ordination of economic and trade regulation and provide companies and consumers with easy access to the establishment.
Investors and companies are attracted to business environments which provide them with a clear and consistent regulatory framework and as a result the establishment of the new regulator will further strengthen Dubai's ongoing economic growth.
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