Government has always been in constant endeavour to make Dubai an attractive destination Image Credit: WAM

Making business environment globally competitive for investors has been at the core of Dubai’s strategy to attract quality investments and entrepreneurship resources to the emirate for the past several years.

During the pandemic, Dubai has once again proved its commitment to making both costs and procedural requirements attractive and easy for entrepreneurs to accelerate investment flows into the emirate.

Recent data from the government on initiatives to streamline processes related to conducting business show these have exceeded the target set last June, with a 61 per cent reduction of government procedures for doing business through the Invest in Dubai platform. In addition, various government agencies have eliminated 11,000 requirements to enhance ease of doing business in Dubai.

In Dubai, the government has always been in constant endeavour to make the emirate an attractive destination for entrepreneurs. Recent efforts clearly prove that the emirate has elevated itself as a powerful force to recon with in the global investment landscape.

Problem-solving approach

To facilitate investment, governments and its various arms need to ensure that regulations and legal requirements strike an appropriate balance between fairness, effectiveness and consistency. Clear legal framework and straightforward compliance allows businesses and entrepreneurs to focus on innovation and problem-solving initiatives supporting investments.

The Invest in Dubai platform, launched in last February is a good example of an innovative initiative that has helped further enhance the investment environment in Dubai by reducing 95 per cent of the licensing requirements for doing business in the emirate.

The platform has significantly eased 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.

Over the past several years, empowering the private sector has been at the centre of government strategy to create attractive opportunities for investors. Clearly, these policy efforts are bearing fruit and have earned the appreciation of the private sector with 98 per cent of investors in expressing 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.

Dubai’s partnership approach to the private sector, driven by the policy of minimal bureaucracy and non-existent red tape focusing on the principle that the business of government is to facilitate business, is certain to serve the greater good of its economy.