Dubai sets up corporate body to boost exports

Dubai: The Dubai Export Development Corporation (DEDC) has been created to open up new overseas markets and encourage investment aimed at exportation.

By issuing decree No 10 for 2006, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has created an independent corporate body that can enter into contracts and can be appended by the Dubai Executive Council. The DEDC is aimed at increasing local exports and awareness of investment opportunities in the export field, and should eventually provide Dubai's business sector with a comprehensive database about foreign markets, along with offering trade, information and legal services for sector institutions.

According to the decree, the new institution will help prepare and modernise the UAE's export strategy. It will also be involved in the implementation of strategies with all concerned bodies and provide and develop marketing plans to help the export sector penetrate international markets.

The DEDC will represent the export sector at any international gatherings.

Revenue for the new institution is slated to come from Dubai's general budget.

The DEDC board will have sole power to create policy. The board will also issue the necessary by-laws, rules and decisions for the implementation of the decree and it will also be exempt the institution from paying any local tax and fees.

The DEDC's board is slated to meet at least once every three months, and any decisions passed will require an absolute majority of members.

The board also has the power to set up temporary or permanent committees to accomplish its duties and to provide advice on any issues referred to them.

The articles also laid down that the board should also utilise the advice of experts, who would not have voting power.

Articles 12 and 13 of the decree also state that the DEDC will also have an executive director, appointed by the chairman of the executive council, who will oversee daily operations, as well as an administrative body.

The DEDC board will not be held responsible over their work by any third party, the decree also ruled.