Hamdan bin Mohammed: Economic diversification and a flexible legislative environment enhance investor confidence in Dubai

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, affirmed that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, is based on solid rules that create opportunities and pave the way for achieving Making the most of it, leading to a better future with boundless ambitions driven by the emirate's integrated economic structure, which is one of the most important elements to enhance its competitiveness at the global level.

This came in conjunction with the announcement of Dubai's gross domestic product for the first quarter of this year, during the meeting of the Dubai Executive Council, which was chaired by His Highness today (Thursday), 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, First Deputy Chairman of the Executive Council, at the Mohammed bin Rashid Library in Dubai, where the emirate’s economy achieved a growth of 6.2% during 2021 and 5.9% in the first quarter of 2022, with a total value of 102 billion dirhams in the same quarter, which confirms the strength of the economic performance The ability to adapt and grow.

His Highness the Crown Prince of Dubai praised the persistence in achieving growth despite the various challenges globally, saying: "Dubai has a strong and diversified economic agenda that is supported by a flexible regulatory and legislative environment that attracts investments and preserves the rights of investors."

His Highness stressed that the economic initiatives and incentives provided by the government contributed to stimulating economic growth in Dubai directly, in addition to the great success achieved by "Expo 2020 Dubai", which in turn was a strong attraction for visitors from inside and outside the country, which contributed to achieving record performance levels for air transport activities. Maritime and foreign trade exceeded the levels achieved before the global crisis.

Quality and flexible legislation to match the future

During the meeting, the Executive Council approved a package of initiatives and projects in the various strategic sectors on the agenda. The Council adopted the general policy for making legislation in the Emirate of Dubai, within a framework that is consistent with the strategic plans of the Emirate and its future directions, taking into account the active participation of the private sector in the process. Review and measure its legislative impact, to enhance Dubai's global competitiveness.

This policy relies on harmonizing the procedures taken by government agencies when preparing and studying legislation, with the procedures and methodology approved by the committee, in addition to unifying the process of drafting laws and enhancing the concept of legislative work for them, defining the roles assigned to them in the process of formulating and simplifying the control procedures of these bodies and ensuring access to a system Integrated, simulating the future, keeping pace with the changes and developments that the emirate is witnessing, and building a system that is compatible with its future aspirations and ambitions.

Hassantuk Home Safety Project

During the meeting, the Executive Council directed the General Department of Civil Defense to develop the details of the implementation plan and implementation of the Hassantuk project for home safety, which includes prevention and safety measures and means of linking private residential homes with early warning technologies and smart services and investing them in strengthening prevention and safety measures and protecting buildings and housing, with the aim of reducing fires and preserving property And lives, while the Dubai government will bear the cost of providing the homes of citizens who are covered under the umbrella of social benefits with reagents and devices.

Transportation and hospitality at the fore

According to figures issued by the Dubai Statistics Center, the growth of Dubai's economy for the first quarter of this year was mainly driven by transport and warehousing activities, accommodation services and restaurants, where the two sectors contributed positively by 93% of the growth achieved, mainly due to the active movement of international visitors and the performance of Air transport.

The transport and warehousing activity grew in the first quarter of this year, a real growth of 40.4% compared to the same period of the previous year. This growth is mainly as a result of the performance of air transport in particular, in addition to the growth in all the sub-activities that make up this activity to push the overall growth in the economy by 3.3 points A percentage contribution of 57% of the achieved growth and a contribution of 11% to the overall economy.

Accommodation and catering activities topped the growth in the first quarter of this year compared to the same period of the previous year, as this activity grew by 47.1%, pushing the overall growth in the emirate's economy positively by 2.1 percentage points, contributing to 36% of the achieved growth.

The data indicate an increase in the number of international visitors during the first quarter of this year by 213% compared to the same period in the previous year, which directly contributed to the increase in demand for the services of this activity and enabled it to achieve a high growth rate.

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