Emirates News Agency – Hamdan bin Mohammed: “Economic diversity and a flexible regulatory environment increase investor confidence in Dubai”

DUBAI, 23 June / WAM / His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, confirmed that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and rules over Dubai, may God protect him, is based on the rules. It is well-established, creating opportunities and preparing the ground for making the best use of them, leading to a better future with boundless ambitions driven by the emirate’s integrated economic structure, which is one of the key elements in strengthening its global competitiveness.

This happened in connection with the announcement of Dubai’s GDP 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 in 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 6.2% growth during 2021 and 5.9% in the first quarter of 2022, with a total value of 102 billion dirhams in the same quarter, confirming the strength of economic performance and the ability to adapt and grow.

His Highness, the Crown Prince of Dubai, praised the persistence of achieving growth despite the various challenges globally, saying: “Dubai has a strong and diversified economic agenda, supported by a flexible regulatory and regulatory environment that attracts investment and retains the rights of investors. ”

His Highness emphasized that the economic initiatives and incentives from the government directly contributed to stimulating economic growth in Dubai, in addition to the great success achieved with “Expo 2020 Dubai”, which in turn was a strong attraction for visitors from inside and outside Dubai. country, which contributed to achieving record performance levels for transport activities. Air, sea and foreign trade exceeded their levels achieved before the global crisis.

At the meeting, the Works Council approved a package of initiatives and projects in the various strategic sectors listed on the agenda.

It has adopted the general policy of the legislative industry in the Emirate of Dubai within a framework consistent with the emirate’s strategic plans and future directions, taking into account the active participation of the private sector in the process of reviewing and measuring its legislation. effect, to strengthen Dubai’s global competitiveness.

This policy depends on harmonizing the procedures taken by public authorities when preparing and studying legislation with the procedures and methods approved by the Committee, in addition to reconciling the process of drafting laws and improving the concept of legislative work for them. , define the roles assigned to them in the process of developing and simplifying the control procedures for these bodies and ensuring access to an integrated system, simulating the future, keeping pace with the changes and developments witnessed by the Emirate, and building a system that is compatible with its future ambitions and ambitions.

During the meeting, the Executive Council instructed the General Ministry of Civil Defense to develop the details of the implementation plan and the implementation of the Hassantuk project for home security, which includes prevention and security measures and means to connect private homes with early warning technologies and smart services and invest in strengthening them. prevention and safety measures and protecting buildings and homes for the purpose of reducing fires and preserving property and life, while the Government of Dubai will bear the cost of providing housing for citizens who are under the umbrella of social benefits with reagents and devices.

According to figures released by the Dubai Statistics Center, growth in Dubai’s economy in the first quarter of this year was mainly driven by transport and warehousing activities, accommodation services and restaurants, after the two sectors contributed positively with 93% of achieved growth, mainly due to the active movement of international visitors and the performance of air transport.

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

Accommodation and catering activities peaked growth in the first quarter of this year compared to the same period last year, after the activity grew by 47.1%, pushing the overall growth of 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 last year, which directly contributed to the increase in demand for the services of this activity and made it possible to achieve a high growth rate.

Leave a Comment

Your email address will not be published.