Crown Prince of Dubai chairs The Executive Council meeting

Hamdan bin Mohammed: ‘Economic diversity and supportive legislative environment cornerstones for investor confidence in Dubai’

• Hamdan bin Mohammed: Economic diversity and flexible legislative environment will elevate investor confidence across Dubai
• Dubai’s GDP rises 5.9% in the first quarter of 2022

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, today reaffirmed that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is based on the firm belief to create and realise opportunities. By looking to the future with limitless ambitions, the Emirate has continued to cement its position as a competitive global business hub.

His Highness Sheikh Hamdan lauded Dubai’s growth and resilience achieved amid global challenges, saying: “The Emirate’s economic agenda is supported by a regulatory and legislative framework that attracts investments and protects the rights of investors.”

His Highness emphasised that the government’s attractive fiscal measures directly helped to stimulate economic growth in Dubai. His Highness also stated that the global success of Expo 2020 Dubai was a key factor that saw post-pandemic tourism boom, leading to increased air and sea traffic and record foreign trade compared.

This statement coincided with the announcement of Dubai’s gross domestic product growth in the first quarter of 2022 during the meeting of The Executive Council. The meeting was chaired by His Highness today (Thursday 23 June), at the Mohammed bin Rashid Library.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and First Deputy Chairman of the Executive Council, attended the meeting.

Dubai’s economy achieved 6.2% growth in 2021 and grew 5.9% during the first quarter of 2022 with a total value of AED 102 billion in the quarter, reaffirming the solid economic performance achieved by the Emirate and its ability to adapt and grow.

The Executive Council also approved a series of initiatives and projects across strategic sectors.

Quality and flexible legislation that keep pace with future

The Executive Council approved the general policy on legislation in the Emirate of Dubai, within a framework compatible with the Emirate’s strategic growth strategy and futuristic plans, taking into account the active participation of the private sector in reviewing and measuring its legislative impact to enhance Dubai’s global competitiveness.

The policy is focused on aligning government procedures on legislative matters with the procedures approved by the committee. It also seeks to unify the process of drafting laws, enhancing regulatory work, defining the roles assigned to them in formulating and simplifying the control procedures of these entities and ensuring access to an agile, integrated system that keep pace with the future. This is in line with the changes that the Emirate is witnessing to build a model compatible with its ambitions.

Hassantuk for Homes Safety Project

The Executive Council also directed the General Department of Civil Defence to present an implementation plan for the ‘Hassantuk for Homes project – the only certified wireless fire safety system designed for villas in the UAE. Hassantuk ensures the fastest response time to fire and emergency alerts through a 24x7 connected fire alarm system, integrated with Civil Defence Command Centres. The Dubai government will bear the cost of providing Emiratis homes, covered under the umbrella of social benefits, with the system to improve safety measures.