Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, visited the Department of Economy and Tourism (DET) on Monday. He was accompanied by Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai.
Speaking during the visit, Sheikh Hamdan emphasised the importance of promoting closer cooperation between the government and private sectors to strengthen efforts to achieve the objectives of the Dubai Economic Agenda D33 launched earlier this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Commending DET’s projects and initiatives aimed at raising the growth of key economic sectors, Sheikh Hamdan said Dubai is committed to generating new opportunities for the private sector to contribute to efforts to consolidate the emirate’s rise as the world’s best city to live, work and visit. He said Dubai stands on the cusp of a new phase of rapid growth and is poised to script new success stories as a global hub for trade, enterprise and innovation and a magnet for talent and investment.
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Dubai continues to embrace global changes and leverage next-generation technologies to raise its future readiness, he said. With its robust infrastructure, business-enabling services and flexible globally-benchmarked legislative framework combined with high levels of safety and security, the city offers entrepreneurs and investors an exceptional platform to realise their aspirations, Sheikh Hamdan added.
Sheikh Hamdan and Sheikh Ahmed were received at the DET headquarters by Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism, and a number of senior officials.
Providing an overview of the work done by DET and its subsidiaries, as well as the progress made in various activities and projects based on the Dubai Economic Agenda D33, Helal Saeed Almarri highlighted the significant growth in new business establishments in Dubai in the first quarter of 2023. According to the latest DET data, Dubai recorded an increase of over 30 per cent in new business licences issued during Q1 2023 compared to the same period in 2022 while the number of business licences automatically renewed registered a YoY growth of 14 per cent in the first three months of the year.
In line with D33’s goal of increasing government spending, the Government Procurement Programme of DET delivered an exceptional performance in 2022. The programme awarded contracts and purchases worth a total of approximately Dh1.12 billion to members of the Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises, a growth of over 21.5 per cent compared to 2021.
Almarri also highlighted the achievements of the manufacturing sector, emphasising the Department’s efforts to strengthen the sector’s contribution to the emirate’s GDP. In 2022, the manufacturing industry accounted for 8.6 per cent of GDP, a share that is projected to reach 9 per cent in the next two years. The department is actively diversifying the manufacturing base, optimising supply chains, and adopting advanced technology in industrial solutions within the framework of initiatives designed to cement Dubai’s position as a global hub for industry and export.
Building on the momentum across the tourism sector, Dubai welcomed 6.02 million international visitors during the first four months of this year, an 18 per cent increase compared to the same period in 2022, a testament to its growing global appeal as a must-visit destination. This has further validated Dubai’s ranking as the No.1 global destination for the second consecutive year in the Tripadvisor Travellers’ Choice Awards 2023. Dubai has also consistently outperformed major global destinations such as London, Paris and Bangkok in terms of travel bookings across 2022 and so far in 2023. The average visitor spending in Dubai increased by 6 per cent compared to 2019, further consolidating its position as a leading global travel and tourism destination.