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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, approved several new Dubai Council resolutions at a Council meeting he chaired on Tuesday aimed at accelerating the city’s growth inits new phase of development.
The resolutions include a complete restructuring of the Government of Dubai, formation of three chambers of commerce that will support international trade and the digital economy and a five-year plan to increase Dubai’s foreign trade from AED1.4 trillion to AED2 trillion. The meeting, chaired by Sheikh Mohammed bin Rashid Al Maktoum, was held in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council and First Deputy Chairman of Dubai Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Second Deputy Chairman of Dubai Council.
Sheikh Mohammed bin Rashid Al Maktoum said,“The new resolutions seek to raise Dubai’s status as a global economic and investment hub and improve the quality of life for our citizens and residents. We aim to create an inclusive environment where people from across the world can realise their dreams. We will continue to launch initiatives in new economic sectors, take advantage of fresh growth and innovation opportunities and help peopletap into their highest potential and talent.”
Complete Restructuring
The Council announced a complete restructuring of the Government of Dubai to facilitate the city’s ambitious plans and support its progress for the next phase of development.
Sheikh Mohammed bin Rashid Al Maktoum said, “We have directed a complete restructuring of the Government of Dubai to be more agile, efficient and adaptive to the rapidly-changing world as we enter a new phase.”
He stressed on the need to unify the efforts of all Dubai entities over the next phase to support the future growth of the city and carry out major planned projects and initiatives. Dubai officials and heads willsign three-year binding contracts that outline outcomes, duties and work accountability.
Sheikh Mohammed bin Rashid Al Maktoum said, “Dubai officials and department heads will sign three-year binding contracts that will define expected outcomes and work structure. All departments will work closely with each otherto achieve our aims in the next phase of our development journey.”
Three New Chambers
The Council approved the restructuring of Dubai Chamber and the creation of three new chambers of commerce: Dubai Chamber, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy.
The new chambers will be the key drivers in establishing new sectors in the city and raisingDubai’s role in global trade.
Sheikh Mohammed bin Rashid Al Maktoum announced, “We will form three new chambers of commerce in Dubai, which will include the Chamber of International Trade that will work to support the interests of international companies based in Dubai, and the Chamber of Digital Economy that will seek toleverage technological trends of the future to promote growth and innovation.”
He also announced the appointment of Juma Al Majid as the Honorary Chairman of Dubai Chamber, Abdulaziz Al Ghurair as the Chairman of Dubai Chamber, Sultan bin Sulayem as Chairman of Dubai Chamber of International Trade and Omar AlOlama as Chairman of Dubai Chamber of Digital Economy.
A higher committee, led by Abdulaziz Al Ghurair, will be formed with the three chairmen to develop a new strategic plan for the three chambers.
Sheikh Mohammed bin Rashid Al Maktoum said, “Members of the new Dubai chambers will spearhead our strategy to achieve our futuristic economic vision, and we expect major regional and international accomplishments over the next phase.”
The Dubai Chamber of International Trade will represent and support the interests of local companies with international presence and international companies based in Dubai. The new chamber aims to expand Dubai’s foreign trade and boost its status as an international business hub. It will support Dubai’s vision in expanding to new global markets, growing economic partnerships and supporting local companies in achieving global success, while attracting talent and investors from all over the world to fulfill their dreams in Dubai.
Members of the Dubai Chamber of International Trade will include businessmen, entrepreneurs and investors.
The Dubai Chamber of Digital Economy is tasked with launching projects and developing studies on the new future economy, as part of efforts to build the world’s best digital infrastructure and transform Dubai into an international technology hub.
With the objective of promoting the interests of technology companies and advancing the role of the digital economy in the emirate, the new chamber will build a network of relationships with local and international tech entrepreneurs and investment funds. It will also help draft legislations in Dubaiand the UAE to create an attractive environment that advances the digital economy.
Members of the chamber will include technology entrepreneurs and investors.
The new structure is part ofbroader efforts togrow the UAE’s digital economy and establish productive global partnerships, as well as boost the growth prospects of international companies based in Dubai.
Five-year Foreign Trade Plan
During the meeting, the Council approved a five-year foreign trade plan for Dubai, as part of efforts to consolidate the key sector’s role as a major driver of Dubai’s economy.
Sheikh Mohammed bin Rashid Al Maktoum further said, “We approved a new global trade map for Dubai that establishes routes to over 400 cities around the world, and we aim to expand this network to 200 additional cities to reinforce the UAE’s pivotal role as an international business hub.”
He added, “We adopted a five-year plan to increase Dubai’s foreign trade from AED1.4 trillion to AED2 trillion. We have deployed all the resources necessary to implement our plan.”
New plans and procedures will be created to support Dubai’s trade and further enhance the attractiveness of its business environment. The five-year plan will boost Dubai’s status as an international business hub, with a special foreign trade focus on high-growth markets including Latin America, Africa and Asia.
The plan will also drive the future growth of Dubai’s foreign trade and create competitive investment benefits and facilities for businesses.
Sheikh Mohammed bin Rashid Al Maktoum concluded the meeting by saying, “Our vision is firmly focused on the future. Our resolutions match the ambitiousness of our plan to be the heart of global business. With our strong determination and optimism, the future will be promising.”
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