Sheikh Mohammed issues directive to merge Dubai economy and tourism and business marketing department.
Dubai announced on Saturday another major initiative to accelerate industrial activities, develop foreign trade and promote tourism in the emirate by merging its two key entities.
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, established the Dubai Department of Economy and Tourism by combining the economy of Dubai and Dubai tourism to make Dubai one of the top five global cities in major economic indicators and will attract 25 million tourists by 2025.
Saeed Al Marri at the head of a new entity
Helal Saeed Al Marri has been appointed Managing Director of the new department tasked with attracting 100,000 businesses in three years, 400 global economic events a year by 2025 and encouraging private sector and family businesses to feature in the financial markets and stock exchanges in Dubai.
Sheikh Mohammed said the newly formed department is looking to support the economic and tourism transformations underway in the emirate. It will adopt the same competitiveness and efficiency as the private sector and work with it on various development projects, he said.
âDubai’s economy has gone through different phases of development throughout its history, which has helped shape the city’s current status as a model of economic development and a preferred destination for tourism. Today, our ambitions have grown and our priorities have changed. Increasing our global competitiveness requires new ways of thinking, âsaid Sheikh Mohammed.
Seven key targets
The department is tasked with achieving seven goals to further strengthen Dubai’s leadership position in tourism and the economy and make it the best city in the world to live and work in, the vice president said. These include increasing the added value of the industrial sector by 150% over the next five years, expanding the export markets for local products by 50% and increasing the number of tourists coming from in Dubai to reach 25 million visitors by 2025.
âOur message to the department team is that Dubai today is different from yesterday. Dubai’s future will depend on your performance, your ideas and your efforts, âhe said.
Improving Dubai’s competitiveness
The Ministry of Economy and Tourism will also work to promote Dubai’s competitiveness by attracting foreign investment, increasing exports, supporting SMEs and developing new plans for Dubai’s new economic sectors.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said the goals of the new department will soon be identified to increase the added value of the industrial sector, develop foreign trade and reach 25 million tourists in 2025.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister and Minister of Finance, also appreciated the decision and said that it would strengthen the competitiveness of the emirate.
âDuring the previous period, the two departments played a central role in consolidating Dubai as an economic and tourist capital. The next step requires high competitiveness of the emirate, which requires complete harmony between the two sectors, “Cheikh Maktoum tweeted.
Quick decisions under a new structure
The new structure will help decision-makers formulate policies and assess the strategic performance of the economic sector. The ultimate goal of restructuring is to realize Sheikh Mohammed’s vision of creating a model of government that is flexible, efficient and rapid in decision-making.
The new structure will also help to facilitate and reduce the procedures related to the issuance of business and tourism licenses in order to further promote Dubai’s competitiveness and optimize the use of human and financial capital.
Experts welcome the initiative
Shailesh Dash, a Dubai-based financier and entrepreneur, said it was a very important strategic decision by the UAE where the importance of trade, tourism and other related sectors for the economy of Dubai is in the foreground.
âIt will also help a lot to focus on the 4th industrial revolution and improving the skills of the people, which is so much more important for our economy today,â Dash told the Khaleej Times on Saturday.
Atik Munshi, Managing Partner, FinExpertiza UAE, said tourism is one of Dubai’s main pillars.
“A consolidation of the tourism and economy departments will help to seamlessly synchronize the services required by businesses. With the apparent improvement in Dubai’s economy and the opening up of international arrivals, tourism is also expected to experience a boom. further growth This move appears to be timely and would garner more confidence for tourists and businesses, âMunshi told KhaleejTimes on Saturday.