Dubai launches commercial initiative on five continents
Dubai has launched a new initiative to establish 50 commercial offices representing the emirate in five continents during the next few years.
The ‘Dubai Global’ scheme aims to strengthen its position as one of the best business hubs in the world, in addition to supporting companies based in Dubai by providing them with logistical support to expand their operations in more than 30 promising markets, said Sheikh Hamdan bin Mohammed at the scheme’s launch
The Crown Prince of Dubai and Chairman of Dubai Executive Council, Hamdan bin Mohammed, said: “Dubai provides advanced infrastructure, a flexible and effective legislative framework, and world-class services that ensure sustainability and growth for all companies operating in the emirate.
“Our goal is to globalise our national companies, attract global investments, and add new markets to our global business lines. [It is] to open 30 new markets, attract thousands of investors, and build the world’s best economic environment,” he added. “We will double our economy over the next few years, establish the best business environment in the world, and be number one for quality of life.”
The Dubai Global network will operate as part of Dubai Chambers and in partnership with government and semi-government entities in Dubai.
A spokesman for Dubai Global said: “The commercial representative offices will provide specialised services, such as market research which includes detailed information about each market and its working mechanisms, and the legislative and procedural aspects to help companies take correct decisions.
“The offices will also provide establishing and starting-up services, including logistical support and detailed information on commercial globalisation, aiming to globalise Dubai companies and promote their expansion in new markets.”
He added: “The new initiative aims at developing ways to diversify trade by preparing exclusive studies on economic and commercial opportunities for many vital markets and establishing and maintaining reliable local and regional business relationships. In addition, the goal is to create cross-border business opportunities by organising business-to-business meetings, corporate and government meetings, and global and regional events such as international business forums. The offices also aim to attract more investments, talent and companies to Dubai.
“By implementing an advanced strategy to diversify trade and target new markets, this new and vast network will contribute to the sustainability of economic growth in Dubai and the competitiveness and flexibility of the commercial sector in the emirate. The offices will also work through various channels and global partners to enhance the competitiveness of Dubai’s foreign trade.”
He concluded: “These efforts strengthen the trade sector as one of the main pillars of Dubai’s economy by supporting export and re-export operations and helping the Dubai business community enter promising markets.
“The office network will be responsible for cooperating with a large group of specialised international companies to enable Dubai businesses to expand in their target overseas markets successfully.”
Public spending on the rise
UAE public spending by the federal authorities rose to $3 billion (AED 11.35bn) in the first three months of 2022, according to the Ministry of Finance.
During the same period revenues of the federal authorities rose to AED 11.3bn, state-run news agency Wam has reported.
In its financial performance report, which details the implementation of the general budget, the ministry revealed that the UAE spent the most on the public services sector, with expenditures totalling AED 2.433bn. This accounted for 21% of the total public spending during Q1 2022.
Spending on the public order and public safety sector came in second at 19% of the total, valued at AED 2.12bn.
The social protection sector was ranked third with expenditures of AED 2.017bn or 18% of the total, while the defence sector was ranked fourth with AED 1.679bn or 15% of the public spending.
The education sector was ranked fifth, followed by the health sector; the entertainment, culture and religion sector; the economic affairs sector; the housing and utilities sector; and the environment protection sector.