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16 April 2024

Dubai Chamber discusses efforts to boost Dubai’s private sector competitiveness

By Wam

The Dubai Chamber of Commerce and Industry’s Board of Directors today discussed strategic decisions, initiatives and efforts aimed at attracting foreign investment to the UAE and enhancing the competitiveness of Dubai’s private sector.

This came during board meeting, chaired by Majid Saif Al Ghurair, Dubai Chamber Chairman, focused on major initiatives which were recently announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, including the Dubai economic stimulus plans and the decisions to allow 100 percent investors’ ownership by year and entry visas for investors and professional talents providing them with a long-term visa for up to 10 years.

During the meeting, the board praised these efforts and described them as important developments that will strengthen Dubai’s appeal as a global business hub, and attract top talent, valuable expertise and innovative companies from around the world. Board members also discussed new ways to facilitate public-private partnerships to stimulate economic growth.

The forward-looking vision of H.H. Sheikh Mohammed has elevated Dubai’s status as a global business and investment hub, the board explained, adding that the Dubai Plan 2021 and the UAE Centennial 2071 will pave the way for sustainable growth and a more diversified economy.

Al Ghurair expressed his gratitude for the continued support of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. He noted that H.H. Sheikh Hamdan’s recent visit to the chamber and his directives to accelerate the implementation of the newly-introduced initiatives reflect the government’s strong commitment to stimulating Dubai’s economic growth and enhancing the competitiveness of its business community.

The board emphasised the key role of Dubai Chamber in facilitating public-private partnerships and bringing recommendations from the business community to concerned government entities.

The board also reviewed other initiatives being developed by the chamber, including a new index which will aim to enhance transparency and competitiveness within Dubai’s retail sector, while members highlighted the need for businesses in Dubai to adopt more innovation-focused initiatives and strategies to stay competitive and meet the evolving needs of their customers.