Tue 02-02-2021 19:02 PM
DUBAI, 2nd February 2021 (WAM) - His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting of The Executive Council of Dubai during which he launched the ‘Invest in Dubai’ platform.
His Highness commended the Dubai government team led by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of The Executive Council of Dubai.
His Highness issued directives to the team to work to consolidate Dubai’s status as a leading global business destination, stressing that no effort should be spared in achieving this vision.
H.H. Sheikh Hamdan bin Mohammed said that Dubai has established a solid foundation for the growth of its economy under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. This has boosted its capacity to adapt to rapidly changing conditions and helped it develop into a regional and global economic powerhouse.
He added, "Dubai offers businesses and investors an attractive environment with all the elements needed to achieve success and gain the agility needed to transform challenges into opportunities. Despite the prevailing global situation, Dubai has demonstrated the strength of its digital infrastructure and leveraged advanced technologies to develop economic solutions for helping investors and entrepreneurs accomplish their goals."
The ‘Invest in Dubai’ platform launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum at the meeting of The Executive Council at the Mohammed Bin Rashid Al Maktoum Solar Park, in the presence of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum offers a unique business set-up experience backed by Dubai’s advanced smart solutions. The largest one-stop-shop platform of its kind, ‘Invest in Dubai’ enables investors to obtain trade licenses and launch their business easily in a matter of minutes.
"In Dubai, our ambitions are boundless; they embody the bold vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to have a highly sustainable economy with highly competitive sectors," Sheikh Hamdan bin Mohammed stressed.
"The confidence that international investors have placed in our emirate stems from its agile economy, solid legislative environment, and robust, investor-friendly infrastructure. Dubai is a city that is constantly renewing itself, offering a fertile growth environment for investors from across the world. It has created an integrated investment ecosystem powered by advanced technology and designed to support constant development, economic growth and efficiency."
Sheikh Hamdan thanked Sheikh Maktoum for his leadership and support in creating opportunities for investors through a specialised platform. He also expressed his appreciation for the concerted efforts of government agencies to develop this initiative under the leadership of Sheikh Maktoum bin Mohammed. The initiative, which reflects Dubai’s leadership in using smart solutions to enhance the investment environment, will help consolidate the emirate’s position in the global investment landscape.
Sheikh Hamdan directed government teams to continue working towards unifying, streamlining and speeding up procedures and accelerating them in a way that serves investors and entrepreneurs in order to make Dubai the best and easiest city to invest and do business.
Centralised Portal An integrated portal for doing business in the emirate, ‘Invest in Dubai’ offers users various services, including commercial licensing in which government permits and approvals can be obtained from a centralised platform, eliminating the need to physically visit any service centre. Also offered on the platform are packages and value-added services that support businesses in launching commercial projects.
Apart from providing a hassle-free process for establishing a business in Dubai, the platform enables investors to gain insights into investment opportunities (or projections for key sectors); and information on investment opportunities in commercial zones (or free zones), competitiveness assessments, locations of businesses in the city, key economic sectors; and cost of incubating businesses; in addition to sector reports and statistics on foreign direct investment (FDI).
Comprehensive Experience ‘Invest in Dubai’ provides a comprehensive platform to support investors and entrepreneurs in setting up a business in Dubai. Its services, which cover the entire business cycle, assist businesses in searching for opportunities, registering trade names; getting initial approvals to issue a license; ensuring all government requirements are met; and obtaining trade licenses.
Furthermore, the platform offers a range of packages and value-added services to facilitate the launch of commercial projects. These include opening a ticket for the new establishment as required by the Federal Authority for Identity and Citizenship, allocating labor quotas, opening a ticket at the Ministry of Human Resources and Emiratisation, notarising the establishment contract by the Department of Economic Development, notarising a rental contract by the Real Estate Registration Department, and obtaining a membership in the Dubai Chamber of Commerce and Industry.
The ‘Invest in Dubai’ platform allows investors to access information regarding the requirements, conditions and fees for issuing trade licenses in Dubai for more than 2,000 commercial activities. They can also immediately obtain licenses for their companies, as well as other commercial licenses. A seamless, integrated, and customer-centered digital process allows users to save time and effort, sparing them the need to physically visit service centers and reduce the paperwork required to establish companies. The platform also allows them to manage their business using a personalised dashboard that provides an overview of partners, licenses, KPIs, and other useful insights.
Dubai encourages investors from around the world to set up their headquarters in the emirate, offering a safe home both for their companies and their families through its dedicated investor visa programme. The ‘Invest in Dubai’ platform also provides information about the advantages Dubai offers, including its business-friendly regulatory environment and advanced technologies that help boost opportunities for growth. The initiative will help further enhance the launchpad Dubai offers investors and promising ventures, which has been a key factor in the exceptional success of companies like Souq.com and Careem.
The ‘Invest in Dubai’ platform was developed by Smart Dubai and the Dubai Department of Economic Development (DED), under the supervision of the General Secretariat of The Executive Council of Dubai. A team of more than 70 members, representing more than 20 local and federal government entities, worked in direct coordination with the private sector, a strategic partner in the emirate’s economic development, to develop the platform.
Local and federal entities that contributed to the project include the Ministry of Human Resources and Emiratisation, Ministry of Economy, Dubai Free Zones Council, Security Apparatus Department, Dubai Police; Directorate General of Dubai Civil Defense; Dubai Civil Aviation Authority, Dubai Customs, Dubai Municipality, Dubai Land Department, Community Development Authority; Security Industry Regulatory Agency; Dubai Health Authority; Roads and Transport Authority, Dubai Sports Council, Department of Tourism and Commerce Marketing, Department of Islamic Affairs and Charitable Activities; Dubai Courts, Knowledge and Human Development Authority and General Directorate of Residency and Foreigners Affairs.
The team worked together for a period of four months, putting in more than 80,000 working hours, to develop a comprehensive and integrated platform that meets Dubai’s high standards. The Dubai Department of Economic Development will be administering the platform, which can be accessed on invest.dubai.ae.