Duabi Investment Development Agency to coordinate with government authorities to regulate economic activities.
An investment development agency has been set up to reinforce Dubai’s position as a sought-after destination for global investors and businesses.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, on Monday issued a decree establishing the ‘Dubai Investment Development Agency’ as an affiliate of the Department of Economic Development.
A prime objective of the new autonomous body is to help nurture an attractive investment climate in Dubai to drum up the inflow of investments and businesses from across the globe. The agency has been tasked to draw up an investment policy as well as new strategies to promote investments, and to conceive and develop new long-term projects and opportunities to woo investors in line with economic development plan of Dubai.
According to the decree, which came into force on Monday, the establishment will coordinate with concerned government agencies to further facilitate investment growth and implement programmes and initiatives to promote inbound capital flows. The agency will also coordinate with competent government authorities to regulate economic activities with regard to the proposed preferential treatment for investors and implementation of new programmes and initiatives to promote investments.
The new body will review requests from investors to avail of those special incentives. It will also review and analyse the investment climate in the emirate, and identify investment opportunities as well as impediments, if any, to Dubai’s investment growth. The agency will seek to find appropriate solutions to such obstacles in coordination with concerned authorities.
The agency is also tasked to provide various services to investors and to expedite transactions and simplify procedures. It will also provide information and data to investors about the investment opportunities and prospects. It will also have a database on existing projects in Dubai and will issue periodicals and publications on topics related to investments in Dubai.
The agency will also monitor and evaluate the performance of the investment sector and set up a single window to deal with investors.
For investment projects in sectors vital to the economy of Dubai, preferential treatment, including incentives and fee exemptions will be given. These include sustainable development projects, especially in infrastructure and industrial sectors as well as investment projects in social, educational, health sectors. Projects that facilitate the exploitation of natural resources transfer of technology and knowledge in various disciplines will also be eligible for preferential treatment. Tourism projects and other areas of investment approved by the Executive Council will also enjoy preferential treatment.
The criteria that will be considered in granting incentives include the compatibility of such projects with the objectives of Dubai Strategic Plan and level of contribution to the overall economic growth of the emirate as well as the potential to boost employment opportunities for citizens. The use of local resources will also be a criterion for incentives.