Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the council.Shaikh Ahmad Bin Saeed Al Maktoum,President of Dubai Civil Aviation Authority, Chairman and CEO of Emirates Group and Abdulla Al Shaibani, Secretary- General of Dubai Executive Council. Image Credit: WAM

Dubai: The Dubai Executive Council yesterday reviewed a number of policies pertaining to developing the financial services and real estate sectors.

During the meeting chaired by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the council, the council discussed the financial services development policy that aims to draw up a local and global coordinated strategy to bolster Dubai as a global financial hub.

The policy lists the key challenges facing the sector in Dubai, such as improving the work environment, bolstering the financial markets, and developing the Islamic financing sector and market infrastructure.

The development of the financial services sector is one of the key aspects of Dubai’s medium-term economic development plan for 2012-2015.

Shaikh Maktoum stressed the importance of strengthening the position and reputation of Dubai on the local, regional and international stage to achieve the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which is to make the emirate among the best cities in the world.

Shaikh Maktoum said that this also includes enhancing Dubai’s position as a tourism destination, and providing opportunities and necessary facilities to foreign investors. He said that the objective of making Dubai among the top cities in the world is everyone’s responsibility.

The council also discussed the real estate sector development policy, which aims to enhance the sector’s sustainability and backing its contributions to the local economy. The polcies will be executed through a number of initiatives and strategic programmes to prepare comprehensive real estate environment that attracts investments.

The policy addresses the competitive advantages of the emirate’s real estate environment, which provides an ideal location for investments through the availability of qualified local partners, quality infrastructure, and legislations that encourage investment and offer a variety of opportunities.