UAE a safe haven for investors

Sheikh Mohammed, Sheikh Hamdan, Sheikh Maktoum, Sheikh Ahmed and top executives during a briefing on a package of economic incentives for the UAE's sustainable growth in Dubai.

Investors' trust in the UAE business environment reflects the country's resilient and diversified economy, said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, affirming that the nation boasts a unique model of economic development that has positioned the country as a safe global haven for investors from different parts of the world.
Sheikh Mohammed made the remarks after listening to a briefing on a package of economic incentives for sustainable growth in the country, in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; and Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority, Chairman of Emirates airline and Chief Executive of the Emirates Group, along with a number of top government department executives in Dubai.
"Over the past decades, the UAE has managed to integrate with the world economy, turning into a vital hub for international trade, with Dubai proving its worth as a key global economic destination," Sheikh Mohammed noted, adding that the country will continue to forge ahead with its successful economic endeavours.
"The progress achieved does not mean that the future is ensured and free of challenges, but we have the potential to maintain our sustainable progress and pioneering success to further strengthen our position on the world economic scene," he added.
"We are steadily progressing towards the future through a diversified, innovative, knowledge-based economy that is relying on different tributaries." Sheikh Mohammed said, adding that the UAE economy has displayed an enviable ability to survive the international financial slowdown, as well as the regional geopolitical circumstances.
"Our economy is vibrant, resilient, agile and competitive, and we have all the potential to keep Dubai as an investment-friendly, promising environment for all investors as we have always promised them."
Commenting on the UAE's strategy for economic growth, Sheikh Hamdan said: "Sheikh Mohammed's directives represent a compass for us to continue our efforts to provide a sustainable, flexible economic system that ensures the continuity of an ideal business-friendly environment for our investors."
"We are looking forward to accelerating sustainable economic growth through a package of integrated initiatives aimed at streamlining entrepreneurship, reducing business costs and creating an encouraging and investment-conducive environment aligned with our competitive diversified economic model."
 
HIGHLIGHTS
. The Department of Finance suggested an initiative of switching the method of paying some government fees to installments, support entrepreneurs by providing them with stimulus packages and a new system for reducing the operational cost in the retail sector. 
. The Department of Tourism and Commerce Marketing proposed to make Dubai as an 'Attractive Transit City' for transit travellers, which would increase visitors by 10%, or an extra 1 million a year. It also suggested a time share ownership to improve family tourism by allocating 500-1,000 vacation units.
. The Dubai International Financial Centre wants to focus on attracting FDI particularly from Southeast Asia through Dubai.
. The Dubai Land Department provided an initiative to improve the Mortgage Act and financing that aims at refreshing the realty sector, and another initiative to attract foreign investment portfolios.
. The Dubai Chamber of Commerce and Industry unveiled a number of initiatives aimed at stimulating the economy, including reducing the cost of the business by reviewing fees and local laws to reduce the financial burden on companies.
 
Maktoum to lead new audit body
Meanwhile, Sheikh Mohammed, in his capacity as Ruler of Dubai, issued Law No. (4) of 2018 regarding the establishment of the Financial Audit Authority (FAA), and Decree No. (14) appointing Sheikh Maktoum as President of the authority.
Sheikh Mohammed also issued Decree No. (15) appointing Abdullah Mohammad Saeed Ghobash as director-general of the authority. The law and two decrees are effective from their date of issuance and will be published in the official gazette.
The FAA is tasked with controlling public funds, and its spending and management. The authority also seeks to ensure that departments under the purview of this law spend public funds efficiently and effectively.
In addition, the FAA is tasked with ensuring and enhancing high levels of accountability and sound management practices within these entities and departments, and creating a conducive environment for control and risk management while ensuring high levels of transparency and integrity,