Dubai tracks new levels of growth
Dubai will continue to invest in human resources, update the legal and regulatory frameworks, and further strengthen infrastructure, pursuing new levels of development, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said in his forward to the second annual special report on the business and investment landscape in Dubai published by Dubai FDI.
The edition opens with an “Inside Perspective” by Shaikh Mohammed outlining Dubai’s resilience and flexibility in dealing with surrounding variables as well as the goal-bound economic strategies.
Dubai FDI, the foreign investment promotion office in the Department of Economic Development (DED), brought out the special report in association with the leading international business consultancy and publishing company The Business Year (TBY) under the patronage and presence of Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.
Dubai to launch Islamic Corporate Governance Centre next year
DUBAI — The Dubai government plans to establish a centre that will develop standards for corporate governance based on Islamic values, guiding companies in both financial and non-financial activities.
The centre, to be opened in the second quarter of next year, is part of the emirate’s plans to become a hub for Islamic business in areas ranging from banking and insurance to food processing, tourism and education.
The standards will not be compulsory for firms but the centre will issue Shariah-compliance certificates to companies and banks meeting them, said Ali Ibrahim, deputy director-general for planning and development at Dubai’s Department of Economic Development.
The standards would cover issues such as corporate transparency and disclosure; certificates will not be issued for individual products, said Ibrahim, a member of the committee leading Dubai’s Islamic business efforts. — Reuters
Shaikh Maktoum reviewed a copy of the report in Zaabeel Palace on Tuesday. The launch event held at the Dubai World Trade Centre was also attended by Sami Al Qamzi, Director-General of the Department of DED, Fahad Al Gergawi, CEO of Dubai FDI, Betül Çakaloðlu, Regional Director for TBY, Mahmud P.K. Merali, Managing Partner of Merali’s, Leland Rice, Managing Editor of TBY and leading executives from the private and public sectors.
Titled ‘The Business Year: Dubai 2013,’ the printed publication will reach 87,000 readers worldwide in addition to being available on iPad, iPhone, and Android apps. The second edition features 160 interviews and offers the international investor community a comprehensive and first-hand look at Dubai’s economic trajectory.
A variety of high-level interviews across the economic spectrum and reports on the performance of non-oil sectors are among the key features of the 2013 edition. Of Dubai’s GDP growth in the first half of 2013, an estimated 28 per cent came from trade, 16 per cent from manufacturing, and 14 per cent from financial enterprises, observes the report.
“Dubai has a strong vision and a very safe environment for investors. It quickly realises that it needed to diversify its economy in order to succeed in a non-oil producing environment. There are two specific areas that have contributed most to this success — the Jebel Ali Port and the rapid expansion of Emirates airline. Dubai’s successes in attracting inward investment have also been part of a wider strategy that has seen 60 per cent of Dubai’s imports actually re-exported to the wider region,” Nick Baird, CEO of UK Trade and Investment says in the report.
The publication also analyses the impact of the UAE’s upgrade to Emerging Market status by MSCI, the stellar performance of the Emirate’s capital markets, ambitious projects such as the Sheikh Mohammed Bin Rashid (MBR) City, as well as large-scale developments in air, land, and sea transport. Also of note are focus pieces on Dubai’s World Expo 2020 bid, Vision 2020, and renewable energy, as well as an exclusive new chapter on the maritime sector.