Economic diversity, supportive legislative environment cornerstones for investor confidence in Dubai: Hamdan bin Mohammed

DUBAI, 23rd June, 2022 (WAM) — H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, today affirmed that Dubai’s ability to record sustained economic growth has been driven by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, which is based on creating and realising new opportunities.

By looking to the future with limitless ambition, the Emirate has continued to cement its position as a competitive global business hub.

Sheikh Hamdan was speaking during the announcement of Dubai’s gross domestic product (GDP) growth in the first quarter of 2022 during a meeting of Dubai Executive Council. The meeting, held today at the Mohammed Bin Rashid Library, was chaired by H.H. Sheikh Hamdan bin Mohammed.

According to the figures revealed at the meeting, Dubai’s economy recorded a 6.2 percent growth in 2021. The economy also rose 5.9 percent in the first quarter of 2022 with a total value of AED102 billion in the quarter, reaffirming Dubai’s solid economic performance and its ability to adapt and grow.

Sheikh Hamdan further said that Dubai’s growth and resilience have been achieved amidst economic challenges. “The Emirate’s economic agenda is supported by a regulatory and legislative framework that attracts investments and protects the rights of investors.”

He emphasised that the government’s attractive fiscal measures directly helped to stimulate economic growth in Dubai. The global success of Expo 2020 Dubai was a key factor in driving a post-pandemic tourism boom, leading to increased air and sea traffic and record foreign trade.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and First Deputy Chairman of Dubai Executive Council, also attended the meeting.

The Executive Council also approved a series of initiatives and projects across strategic sectors.

The Executive Council approved the general policy on legislation in the Emirate of Dubai, within a framework compatible with Dubai’s strategic growth strategy and futuristic plans, taking into account the active participation of the private sector in reviewing and measuring its legislative impact to enhance Dubai’s global competitiveness.

The policy is focused on aligning government procedures on legislative matters with the procedures approved by the committee. It also seeks to unify the process of drafting laws, enhancing regulatory work, defining the roles assigned to them in formulating and simplifying the control procedures of these entities and ensuring access to an agile, integrated system that keeps pace with the future. This is in line with the changes that the Emirate is making to build a model compatible with its ambitions.

The Executive Council also directed the General Department of Civil Defence to present an implementation plan for the ‘Hassantuk for Homes’ project – the only certified wireless fire safety system designed for villas in the UAE. Hassantuk ensures the fastest response time for fire and emergency alerts through a 24×7 connected fire alarm system, integrated with Civil Defence Command Centres. The Dubai government will bear the cost of providing Emiratis homes, covered under the umbrella of social benefits, with the system designed to improve safety measures.

Source: Emirates News Agency