Announcing the start of a new phase with the highest competitive standards to attract the best investments from around the world

Hamdan bin Mohammed: Dubai does not stop developing its tools to remain a leading investment oasis

• Hamdan bin Mohammed during his meeting with officials of government agencies in Dubai.

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In implementation of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance the emirate’s economic attractiveness and attract quality investments, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, affirmed that the Dubai government is moving forward. At an accelerated pace towards the completion of 100% of business facilitation initiatives, with the aim of providing new horizons and promising opportunities for investors.

His Highness explained that Dubai does not stop developing its tools to remain a leading investment oasis, and this reinforces its flexibility and efficiency in government procedures, and the advantages it offers to those wishing to invest and do business, locally, regionally and globally, directing His Highness to government agencies to review all legislations and laws that have been issued. before 2020.

doing business

This came during a meeting of His Highness, the Crown Prince of Dubai, with officials of government agencies in Dubai, at His Highness’s Majlis in Nad Al Sheba, in the presence of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, where the General Secretariat of the Executive Council reviewed the results of the meeting. Implementation of the directives of His Highness, the Crown Prince of Dubai, Chairman of the Executive Council, in reducing the requirements related to doing business, which exceeded the target by achieving 61% of the facilitation in all requirements, and reducing 95% of the licensing requirements through the “Invest in Dubai” platform, since His Highness’s directive in last June.

new stage

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: "Today we begin a new phase that enjoys the highest standards of excellence and competitiveness, to attract the best investments from all over the world. The government has achieved its goals today, but achieving the tomorrow that Mohammed bin Rashid dreams of requires us to have a future perspective that will continue In which Dubai’s economy is a global economy based on the empowerment and involvement of the private sector, and the consolidation of Dubai’s economic system, with the aim of expanding its horizons and moving it to unprecedented levels, and directed government agencies to complete 100% of business facilitation initiatives before the end of the first quarter of next year, with the aim of creating new horizons and opportunities promising for investors.

investment environment

His Highness added: "We have an investment environment that is the fastest growing and developing in the region, and we have to keep pace with developments globally, so that Dubai remains the most stable and sustainable environment, the most flexible and attractive locally, regionally and internationally.

His Highness continued, "The world after the (Corona) pandemic is undergoing rapid and unexpected change, which requires us to be flexible in the legislative environment and speed in adapting to changes, as Dubai has always been the first choice for investors."

His Highness the Crown Prince of Dubai said: "Our relationship is strong and direct with investors, and we will continue to consolidate this relationship between the public and private sectors by providing them with new horizons and promising opportunities for investment, supported by professional expertise and innovative services, which give the emirate an excellent competitive advantage."

government efforts

His Highness, the Crown Prince of Dubai, praised the efforts of the 37 participating government agencies, for their rapid achievement of the goals, which contributed to the desired effect in reducing the effort, time and cost of investors, in addition to providing them with investment opportunities, which reflects the integration of the efforts of the teams. His Highness expressed his confidence in the ability of the Dubai government and its work teams to provide all facilities that would support investors and enhance the attractive investment environment for Dubai.

"Invest in Dubai"

The "Invest in Dubai" platform, launched last February by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has contributed to supporting the investment environment in Dubai, as it contributed to facilitating and reducing 95% of licensing requirements. The cancellation of about 11,000 requirements and conditions to facilitate doing business in Dubai, with the aim of unifying procedures for the business sector, within the largest unified digital platform that gives investors the opportunity to obtain commercial licenses and start business within minutes, in an easy and smooth manner that saves time and effort, confirming the keenness of the Dubai government to Continuing its support for investors and increasing their level of confidence in Dubai as a preferred business destination in the region.

His Highness Sheikh Hamdan bin Mohammed called on government agencies in Dubai to continue to work on reviewing their procedures and requirements, and reducing them in order to achieve the efficiency of their services, reduce burdens on investors, enhance the experience of dealers, and contribute to ensuring the implementation of government commitments to plans to reduce procedures and requirements.

Dubai Crown Prince:

• «The world is undergoing rapid and unexpected change.. The future requires flexibility in the legislative environment and speed in adapting to changes».

• «We have an investment environment that is the fastest growing and developing in the region, and the most flexible and attractive locally and internationally».

• "We support investors and the business environment, and periodically update our legislation in consultation with businessmen."

Highlights

■ Dubai government achieves the target, and the percentage of facilitation and reduction in requirements is 61%.

■ 95% of licensing requirements have been reduced through the “Invest in Dubai” platform.

■ Cancel about 11,000 requirements and conditions to facilitate doing business in Dubai.

■ Work at an accelerated pace to complete 100% of business facilitation initiatives by the end of the first quarter of 2022.

Investors' impressions

The results of consulting more than 200 investors and heads of business councils, to find out their expectations and suggestions:

■ 98% of them confirmed that the facilities and reductions will contribute to a direct positive impact on the business environment.

■ 84% agreed that canceling the requirements and conditions will contribute to reducing the effort.

■ 90% confirmed that Dubai's environment is fast-growing, so modifications will reduce time.

■ 75% indicated that the amendments will reduce costs, and thus support the investor.

■ 86% confirmed that the amendments will provide promising and new investment horizons, as is always the case in Dubai.

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