Dubai: Dubai’s economy recorded a 6.2 per cent growth in 2021. The emirate's gross domestic product (GDP) also rose 5.9 per cent to Dh102 billion in the first quarter of 2022.
The figures were announced at The Executive Council meeting held today at the Mohammed Bin Rashid Library.
During the meeting, the council approved the general policy on legislation in Dubai, within a framework compatible with Dubai’s strategic growth strategy and futuristic plans. The policy approved considering the active participation of the private sector in reviewing and measuring its legislative impact to enhance Dubai’s global competitiveness.
The policy is focused on aligning government procedures on legislative matters with the procedures approved by the committee. It also seeks to unify the process of drafting laws, enhancing regulatory work, defining the roles assigned to them in formulating and simplifying the control procedures of these entities.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said that Dubai’s ability to record sustained economic growth has been driven by the vision of Sheikh Mohammed, which is based on creating and realising new opportunities. By looking to the future with limitless ambition, the Emirate has continued to cement its position as a competitive global business hub.
“The Emirate’s economic agenda is supported by a regulatory and legislative framework that attracts investments and protects the rights of investors,” said Sheikh Hamdan.
He emphasised that the government’s attractive fiscal measures directly helped to stimulate economic growth in Dubai. The global success of Expo 2020 Dubai was a key factor in driving a post-pandemic tourism boom, leading to increased air and sea traffic and record foreign trade.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and First Deputy Chairman of The Executive Council of Dubai, also attended the meeting.
The Executive Council also approved initiatives and projects across strategic sectors.
Hassantuk ensures the fastest response time for fire and emergency alerts through a 24x7 connected fire alarm system, integrated with Civil Defence Command Centres. The Dubai government will bear the cost of providing Emiratis homes, covered under the umbrella of social benefits, with the system designed to improve safety measures.