Dubai Economy: The emirate has developed a broad framework that is characterized by accuracy

Dubai is at the forefront of developing future regulatory policies

• The regulatory framework developed by Dubai provides a model and governance structure for the future and business.

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• Mohammed Al Saadi: “We need to ensure a strong regulatory framework is in place to attract new business and investment models to Dubai.”

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A report by Dubai Economy showed that the emirate is at the forefront of developing regulations and regulatory policies that keep pace with the future, pointing to the proactive role played by Dubai Economy in working with all concerned parties and influential parties in the business community to shape the future economy.

The report, which Emirates Today obtained a copy of, stated that Dubai has developed a future regulatory framework for business that provides a model and governance structure for the future and business focused on organizational reform and development, pointing out that although the framework is broad in scope, it is characterized by sufficient accuracy. To effectively guide the organization's development process.

adaptation

Over the past decade, governments and regulators around the world have been trying to catch up and formulate regulations to adapt to changing social, economic, technological, demographic, environmental and political landscapes, added the report, which was prepared by the Executive Director of Corporate Strategic Affairs Sector at Dubai Economy.

He explained that the emergence of the new behavior of generations and the high level of digitization and technological innovation in particular has prompted governments at the national and city levels to review their laws and regulations aimed at protecting citizens, while at the same time seizing the opportunities offered by emerging technological trends and new business models.

innovation

The report stressed the importance of the role of government and regulators in shaping and encouraging innovation in various sectors, as it is vital in a world of increasing competition, noting that what is currently different is close cooperation and concerted efforts between the public and private sectors and the non-profit sector, as governments have realized that participation and dialogue Open engagement with stakeholders from all segments of society and business is vital to charting future prospects.

Technologies

The report pointed out that emerging technologies pose many challenges to traditional organizational models, and current regulatory frameworks are often slow to adapt to changing societal, economic and technological prospects, and thus traditional regulatory methods fail to adapt to the rapid pace of adoption of emerging technologies and future trends.

Emerging trends

In his report, Al Saadi pointed to the importance of embracing emerging trends in various industries, explaining that to achieve ultimate success in attracting these trends to Dubai, we need to ensure a strong regulatory framework to attract new business and investment models to it.

He said that this requires the in-depth analysis and regulatory cooperation required to meet the challenges of digitization, machine learning, artificial intelligence, the Fourth Industrial Revolution and sustainability.

Al Saadi added: “As we live in a highly interconnected world, where digital connectivity leads to new economic relations, we need to develop our digital commerce strategies with as many countries as possible, as we are a global hub, and Dubai is keen to seize the new opportunities of the digital world. ».

sectoral information

According to the report, the Dubai Future Economy team is currently working on developing sectoral information, with a detailed analysis of potential trends affecting its growth, and the policies and regulations needed to accelerate the sector's growth.

The regulations cover digitization, data rationalization, sustainability and the post-Coronavirus pandemic, by working closely with influential parties in Dubai and federal government bodies, especially with regard to artificial intelligence, cryptocurrencies, digital payments, energy and sustainability.

best practices

The Executive Director of the Corporate Strategic Affairs Sector in Dubai Economy, Mohammed Shael Al Saadi, said that Dubai is always looking for lessons learned and best practices in various countries, and the current approach is to research all global trends that work to improve the economy and society, and choose those that correspond Dubai trends.

• Emerging technologies present many challenges to traditional organizational models.

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