Dubai’s Unified Digital Platform to ‘improve the investor experience’
Dubai’s government has announced it is to create a Unified Digital Platform that will help businesses establish and contribute to the emirate’s economic growth.
The new platform, which will utilise the existing Invest in Dubai platform, aims to integrate various licensing processes and covers all economic activity, the Dubai Media Office said.
These processes include those managed by the Department of Economy and Tourism (DET), the authorities of special development zones and free zones such as the Dubai International Financial Centre and other relevant entities, it said.
All requests about licensing and permits will be processed through the Invest in Dubai platform, which provides services for starting a business or reserving a trade name managed by the DET.
“The integration is aimed at significantly improving the investor experience in Dubai,” the Dubai Media Office said. “By offering a streamlined channel for accessing information, obtaining licences, and availing other services related to economic activities, the platform seeks to enhance the ease and convenience of investors.”
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, issued the Executive Council resolution to “approve the key principles behind facilitating the investor’s journey in Dubai”.
The resolution said: “All licensing entities and federal and local entities tasked with regulating and supervising business activities in Dubai, are responsible for facilitating a smooth journey for investors in Dubai and implementing the procedures required to facilitate this.”
The announcement comes as Dubai seeks to develop its D33 strategy, which aims to double the size of its economy to Dh32 trillion ($8.71 trillion) over the 10 years and establish the emirate among the top three global cities.
It aims to support 30 private companies to achieve unicorn status – that is be worth more than $1 billion. Other business incubators will support the growth of private companies, with 400 of the most promising identified.
Growth trajectory continues
Dubai has maintained robust growth momentum since the Covid-19 pandemic in sectors such as tourism, real estate and trade.
The emirate’s non-oil foreign trade reached Dh2 trillion ($540 billion) in 2023, a year ahead of schedule, driven by continuing economic growth in the emirate, Sheikh Mohammed has announced.
The latest S&P Global Dubai Purchasing Managers’ Index Business also showed that activity in the emirate’s non-oil private sector economy grew at the fastest rate in almost four years in February due to a rise in new orders, leading to an increase in employment.
The Index showed that the UAE government’s revenue for the fourth quarter of last year jumped more than 8% on an annual basis to Dh155.9 billion ($42.45 billion).
Total government expenditure for the three months to the end of December also rose to Dh131.3 billion compared to Dh120.3 billion for the same period the previous year, the latest preliminary statistics from the Ministry of Finance show.
The total expenditure for the period comprised net investment in non-financial assets and current expenses, including employees’ wages, costs associated with the use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits and other transfers.
The value of the government’s net lending/net borrowing – an indicator of the financial impact of government activity on other sectors of the economy – amounted to Dh24.6 billion, the ministry said.
“The UAE government is keen to diversify its revenue sources, while also ensuring optimal use of financial resources and improved efficiency of government spending,” said Younis Al Khoori, undersecretary of the Ministry of Finance.
“This will positively reflect on all aspects of development and enhance the country’s competitiveness and economic sustainability.”
He added: “The UAE is committed to fostering a dynamic economic environment and improving its tax system.
“These are in line with its strategic objectives of diversifying the economy and consolidating its position as a leading global business and investment hub.”
The UAE economy is expected to grow by 5% this year, driven by a robust expansion in the non-oil sector and an increase in foreign direct investment, Abdulla bin Touq, Minister of Economy, said in February.
Last year, the Ministry of Finance launched a four-year plan to help boost growth, with a focus on financial empowerment, sustainability, innovation, financial leadership and future foresight.
