With its GDP exceeding $100 billion and a progress rate of almost 7% on year, Dubai is one of the fastest developing economies of the world. Behind this extraordinary growth lies discreet planning and policies of Dubai Economic Department, also referred to as Economic Department of Dubai or simply Economic Dubai Department.
On a set-up level, Economic Department of Dubai performs tasks like business registration and licensing, submission of commercial codes and practices and enactment of consumer protection laws. On the tactical level, Dubai Economic Department is directed towards development of an ecological economy through identification and facilitation of strategic growth sectors of the Emirate.
To achieve its goals, Economic Department of Dubai works in association with four agencies:-
1.The Export Development Corporation 2.Foreign Investment Office 3.The Mohammed Bin Rashid Establishment for Young Business Leaders 4.The Dubai Shopping Festival Office.
These agencies, together with Dubai Economic Department are all engaged to promote economic goals for the benefit and prosperity of the Emirate.
The economy in Dubai
Is no longer reliant on oil production or export. In fact, involvement of this sector amounts to less than 5% of the emirates total output. Dubai economy is now largely focused on real estate and leisure industry. Dubai’s Port Jebel Ali has turned into a major service sector hub for IT and finance. With the emirate acting as a major trading route for different commodities, economy in Dubai is likely to display with an increasing rate. The fact that the state-owned Emirates Airline carries over 30 million passengers a year is a testimony of the heat with which the economy of Dubai is running.
Trade alone greatly gives the massive economy of Dubai. In 2014, for example, Dubai’s non-oil trade hit $362 billion, with China alone accounting for about $48 billion of the international dealings with Dubai. Other significant contributors to international trade of Dubai are India, United States, Kingdom of Saudi Arabia, Germany, UK, Japan and Switzerland.
The Economic Department
Dubai, is well aware of the scenarios. This is why it is heading towards an essential conversion of the emirate into a massive service-based economy for a quick, ecological and fast economic growth. Dubai Economic Department is also fast reentering so called 2020 Economic Strategy Plan to make it in line with the existing macroeconomic objectives – an inflation unaffected economy with sustainable growth rates in all sectors, especially the SMEs, which alone represent 95% of all business licenses in Dubai.