Wednesday 24 March 2021
The Dubai Council has approved several new resolutions aimed at accelerating the city’s growth in its new phase of development.
The resolutions include a complete restructuring of the Government of Dubai, the 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 AED 1.4 trillion to AED 2 trillion.
The new resolutions seek to raise Dubai’s status as a global economic and investment hub and improve the quality of life for citizens and residents.
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. The objective is to make it more agile, efficient, and adaptive to the rapidly-changing world.
Dubai officials and heads will sign three-year binding contracts that outline outcomes, duties, and work accountability.
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 raising Dubai’s role in global trade.
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 legislation in Dubai and 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 of broader efforts to grow the UAE’s digital economy and establish productive global partnerships, as well as boost the growth prospects of international companies based in Dubai.
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.
A new global trade map for Dubai establishes routes to over 400 cities around the world, which will be expanded to 200 additional cities to reinforce the UAE’s pivotal role as an international business hub. The plan is to increase Dubai’s foreign trade from AED 1.4 trillion to AED 2 trillion.
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.