Dubai Establishes A New Set-up To Join Top 5 Global Cities
Sheikh Mohammed issued an order to unite the Dubai Economy with the Department of Tourism and Commerce Marketing.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE has established Dubai’s Department of Economy and Tourism by combining Dubai Economy and Dubai Tourism to make Dubai one of the top five global cities in key economic indicators and attract 25 million tourists by 2025.
Saeed Al Marri will lead the new entity.
Helal Saeed Al-Marri has been named director-general of the newly formed department, which has been tasked with attracting 100,000 companies in three years, 400 global economic events annually by 2025, and encouraging private sector companies and family businesses to list on Dubai’s financial markets and stock exchanges.
Sheikh Mohammed stated that the newly constituted department aims to help the emirate’s economic and tourist reforms. He stated that it will adopt the same competitiveness and efficiency as the private sector and collaborate with it on numerous development projects.
“Dubai’s economy has gone through various stages of development throughout its history, which has helped establish the city’s current role as a model for economic development and a popular tourist destination.” Our objectives have risen, and our priorities have shifted. Raising our global competitiveness necessitates new ways of thinking, according to Sheikh Mohammed.
There are seven major objectives.
According to the vice-president, the department is tasked with reaching seven targets to further improve Dubai’s leading position in tourism and economy and make it the world’s best city to live and work in. These include growing the industrial sector’s added value by 150% over the next five years, extending export markets for local products by 50%, and increasing the number of tourists visiting Dubai by 40% to 25 million by 2025.
“Our message to the department’s team is that Dubai is not the same as it was yesterday.” “Dubai’s future will be determined by your performance, ideas, and efforts,” he remarked.
Increasing the competitiveness of Dubai
The Department of Economy and Tourism will also aim to boost Dubai’s competitiveness in recruiting international investments, increase exports, support SMEs, and establish new plans for Dubai’s emerging economic sectors.
The Crown Prince of Dubai and Chairman of The Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated that the new department’s goals will be identified soon to increase the added value of the industrial sector, expand foreign trade, and reach 25 million tourists by 2025.
Decisions are made quickly under the new organization.
The new framework will assist policymakers in creating policies and monitoring the economic sector’s strategic performance. The ultimate purpose of the restructuring is to realize Sheikh Mohammed’s vision of creating a government model that is flexible, efficient, and quick to make decisions.
The new structure will also aid in the facilitation and reduction of procedures linked to issuing trade and tourism licenses, hence enhancing Dubai’s competitiveness and achieving the best use of human and financial capital.
Experts applaud the initiative.
According to Shailesh Dash, a Dubai-based banker and entrepreneur, this is a highly important strategic step by the UAE, emphasizing the importance of commerce, tourism, and other related industries to the Dubai economy.
It will also assist to focus on the fourth industrial revolution and population upskilling, which are both vital to our economy today.