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Dubai is smoothing out processes for businesses to launch and thus emerge as a top business-friendly destination. Image Credit: Bloomberg

Dubai: Three new entities have been set up at Dubai Economy and Tourism, which are the Dubai Commercial Registration and Licensing Corporation, the Dubai Economic Development Corporation, and Dubai Consumer Protection and Fairtrade Corporation.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Laws No. (5), (6) and (7) of 2023 establishing these three subsidiaries at Dubai’s Department of Economy and Tourism.

The new subsidiaries will 'enhance key economic growth drivers' such as 'business attractiveness, development initiatives, ease of doing business, consumer protection and sectoral governance'.

The aim is to create an ideal business-friendly environment in the emirate and achieve the goals of Dubai Economic Agenda D33.

Dubai Economic Agenda D33

According to a tweet by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, “It is a new step that supports our approaches to provide the best business environment in the world in our quest to achieve all the objectives of the Dubai Economic Agenda D33.”

The Dubai Business License Corporation (DBLC) will complement the efforts of DET’s existing subsidiaries to drive the Dubai Economic Agenda D33.

Together with Dubai Corporation for Consumer Protection and Fair Trade, the three will work to 'enhance sustainable economic growth and Dubai’s attractiveness as a global fair-trade destination'. The new organisations aim to support enterprises in Dubai at key stages of the business lifecycle, and make 'Dubai the world’s best city to live and work'.

“We constantly seek to enhance the supportive framework needed to enhance growth, economic value and innovation in Dubai," said Sheikh Hamdan.

"We are working to raise Dubai’s status as a preferred destination for global companies, investment and talent by investing in human development and advanced technology, raising the city’s global competitiveness and innovation capabilities, reinforcing its knowledge-based economy and building on the advantages gained from the city’s strategic location and advanced infrastructure."

What the new entities will do

Dubai Economic Development Corporation's goals include enhancing Dubai’s economic competitiveness; implementing economic development plans; supporting the diversification and sustainability of the emirate’s economy; attracting foreign investment and global talent in vital sectors. It will work to strengthen the emirate’s position as a global destination for investments and entrepreneurship in the digital economy; establish projects focused on innovation and AI; and making the emirate a green economy hub.

Dubai Business License Corporation aims to 'create an environment for attracting increased investment in various sectors'. It will also streamline licensing procedures for businesses; enhance licensing procedures for economic establishments; and register names and commercial rights. The new organisation will work to enhance ease-of-doing business in the emirate.

Dubai Corporation for Consumer Protection & Fair Trade will create a 'conducive environment for fair trade and competition', as well as work to expand 'economic stability by ensuring consumer protection'. The competitiveness of the business sector will be protected by curbing practices that negatively impact the market.