Dubai Image Credit: Bloomberg

Dubai: As part of implementing the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance the emirate's economic attractiveness and attract quality investments, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, affirmed that the Dubai government will work to accelerate the full completion of its business enhancement initiatives focused on creating promising new opportunities for investors by the first quarter of next year.

Sheikh Hamdan affirmed that Dubai will continue to create the conditions required to reinforce its status as a preferred global investment destination, backed by the flexibility and effectiveness of its government procedures and the numerous advantages it offers investors.

Dubai business ease
98 per cent of investors say these initiatives will have a positive impact on the business environment Image Credit: Supplied/Dubai Media Office

The announcement follows a meeting held in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, in Nad Al Sheba, featuring officials from various government entities. During the meeting, the General Secretariat of The Executive Council reviewed the results of the implementation of His Highness' directives last June to streamline processes related to conducting business. The results exceeded the target set last June, with a notable 61% reduction of government procedures for doing business, and a 95% reduction of licensing requirements through the Invest in Dubai platform. Nearly 11,000 requirements have been eliminated to enhance ease of doing business in Dubai.

Sheikh Hamdan said: "Today, the government of Dubai has exceeded the targets it set to ensure that the emirate continues to offer an attractive and competitive investment environment for entrepreneurs and investors worldwide. We will continue to build on HH Sheikh Mohammed bin Rashid’s vision to raise the emirate’s role as a key player in the global investment landscape. Dubai places a high priority on the empowerment and involvement of the private sector and the consolidation of its economic system as part of the objective of creating attractive opportunities for investors.”

Sheikh Hamdan added: "We are seeing the accelerated growth of our investment environment, and in today’s post-pandemic world, we must keep pace with developments globally while remaining vigilant and adaptive in our response to the ongoing rapid changes across the business sector, to ensure Dubai continues to offer a highly stable, sustainable and attractive environment.”

"Our relationship with investors is strong, and we remain committed to consolidating the close partnership between the public and private sectors to constantly innovate and create exceptional business opportunities that will raise Dubai’s competitive advantage."

He also praised the efforts of the 37 participating government entities, which contributed to significantly reducing the effort, time and cost incurred by investors, in addition to offering them high-growth investment opportunities. He also highlighted the successful integration of the efforts of various entities and expressed his confidence in the ability of Dubai government teams to provide services that further enhance Dubai’s profile as an investment hub.

Invest in Dubai Platform

The Invest in Dubai platform, launched last February by Sheikh Mohammed bin Rashid Al Maktoum has helped further enhance the investment environment in Dubai and reduced 95% of the licensing requirements for doing business in the emirate. The platform aims to ease procedures for the business sector with a unified digital platform that enables investors to obtain commercial licenses and start their business within minutes, saving time and effort. The platform highlights the Dubai government’s goal to continuously support investors and raise their confidence in Dubai as the region’s preferred business destination.

Investors' Feedback

In the feedback sessions organised to identify the expectations and requirements of investors and business leaders, 98% of investors expressed their satisfaction with the facilities and initiatives launched by the Dubai government, which they said would have a direct positive impact on the emirate’s business environment. Investors also indicated that the improvements will help enhance procedures and reduce effort, time and costs by 84%, 90% and 75%, respectively, as well as create promising new investment opportunities. They commended the efforts of government entities to enhance and simplify their services based on the feedback of investors and raise Dubai’s competitiveness on par with the world’s major economies.