Dubai Department of Economic Development has set up an external relations section as it seeks to reach out to potential investors.
External relations section to help Dubai DED reach investors
The Dubai Department of Economic Development has set up an external relations section as it seeks to reach out to potential investors.
The section will focus on attending local and international exhibitions to meet potential investors and explain about the business registration and licensing options open in the emirate, according to the Emirates News Agency, citing the DED.
It follows a directive from Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, urging officials to be more proactive about finding investors.
"The external relations section will strengthen ongoing efforts to enhance Dubai's rankings in the Doing Business Report of the World Bank in 2014," said Saeed Matar Al Marri, the deputy chief executive of the business registration and licensing sector in the Department of DED.
"A main objective of DED is to make it easier for businesses to make the best use of Dubai's competitiveness. The value additions we offer to businesses in turn contribute to overall economic development in Dubai."
The move comes as both Dubai and Abu Dhabi strive to improve their competitiveness to draw in foreign investment.
Abu Dhabi aims to raise the number of registered businesses in the emirate by 10 per cent this year after the launch of a one-stop business centre, allowing investors to access under one roof several services required to launch a company.
In Dubai, investors can currently access information about business in Dubai from DED branches, service centres and institutional partners.
"The external relations team has already started developing a strategic plan for 2013," said Mr Al Marri. "They will showcase best practices in business licensing and registration procedures adopted in Dubai across various events as well as address queries from potential customers."
The flow of foreign direct investment into Dubai rose by 26.5 per cent last year to Dh29.4 billion, according to data from Dubai FDI, the foreign direct investment office in Dubai DED.
Humaid Al Amri, the head of external relations at the DED's business registration and licensing sector, said the sector would take part in six different events this year and would liaise with event organisers to ensure a presence in as many strategic events as possible.
The World Bank's Ease of Doing Business report ranked the UAE 26 out of 185 economies this year, an improvement from 29 last year.