Dubai merges economics and tourism departments
Sheikh Mohammed bin Rashid, vice president and ruler of Dubai, issued a directive to merge the emirate’s economic and tourism departments with the aim of boosting the emirate’s competitiveness.
The merged unit, called Dubai Department of Economy and Tourism, will help develop foreign trade and increase the number of visitors to the emirate.
“The newly formed department seeks to support the economic and tourist transformations underway in the emirate. It will adopt the same competitiveness and efficiency of the private sector and work with it on various development projects, ”Sheikh Mohammed said in a statement released by the Dubai media office on Saturday.
“Dubai’s economy has gone through different phases of development throughout its history, which has helped shape the city’s current status as a model of economic development and a preferred destination for tourism. Today, our ambitions have grown and our priorities have changed. Increasing our global competitiveness requires new ways of thinking.
The merged unit, called Dubai Department of Economy and Tourism, will aim to increase “the added value of the industrial sector, develop foreign trade and attract 25 million tourists by 2025,” Sheikh Hamdan bin Mohammed said. , Crown Prince of Dubai, in a statement. tweet on Saturday.
The changes in government sectors “reflect Sheikh Mohammed’s new vision” to “further transform Dubai’s development and strengthen its status as one of the world’s major cities,” he added.
Cheikh Hamdan thanked Sami Al Qamzi, former managing director of Dubai Economy, for his contributions.
Helal Al Marri, who has recently been appointed chairman of the new board of directors of Dubai financial market, is the managing director of the new department.
“Both departments have played a central role in consolidating Dubai as an economic and tourist capital. The next step requires a high competitiveness of the emirate, which requires perfect harmony between the two sectors, ”Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Governor of Dubai, said in a tweet.
The new department is tasked with achieving seven goals to further strengthen Dubai’s leadership position in tourism and the economy and make it the best city in the world to live and work in, Sheikh Mohammed said.
These include increasing the value of Dubai’s industrial sector to the economy by 150% over the next five years, expanding the export markets for local products by 50% and increasing by 40%. the number of tourists coming to Dubai to reach 25 million visitors in 2025, according to the statement.
The newly launched entity is also in charge of making Dubai one of the top five cities in the world according to major economic indicators, attracting 100,000 companies in three years as well as 400 global economic events per year by 2025. It is also in charge to encourage private and family-owned businesses to list on the Dubai Stock Exchange, the Dubai Media Office said.
“Our message to the department team is that Dubai today is different from yesterday. The future of Dubai will depend on your performance, your ideas and your efforts, ”said Sheikh Mohammed.
Dubai was one of the first cities in the world to reopen its economy for business in July 2020, while ensuring strict compliance with health and safety measures. The emirate hosted 2.85 million international overnight visitors from January to July 2021, according to Dubai Tourism and Commerce Marketing.
The new entity will also work to promote Dubai’s competitiveness by attracting foreign investment, increasing exports, supporting SMEs and developing new plans for new economic sectors, the Dubai Media Office added.
The ultimate goal of the restructuring of the two departments is “to create a model of government that is flexible, efficient and rapid in decision-making.” The new structure will also help to facilitate and reduce the procedures related to the issuance of business and tourism licenses to further promote Dubai’s competitiveness. and achieve optimal use of human and financial capital, ”said the Dubai Media Office statement.
Dubai’s non-oil sector continued to grow for the 10th consecutive month and ended the third quarter at its highest three-month average since late 2019, with the emirate’s purchasing managers index at 51. 5. A reading above 50 indicates economic expansion, while a lower value indicates contraction.
Confidence in the travel and tourism sector hit a five-month high in September and outpaced the rest of the non-oil sector of the economy, according to IHS Markit’s Dubai PMI. Travel and tourism businesses saw a sustained recovery in sales in September, which some respondents linked to increased demand in the run-up to Expo 2020.
Dubai hotels saw an increase in occupancy rates in September, spurred by the easing of travel restrictions and the countdown to Expo 2020 which began in October.
The average occupancy rate rose to 67.2% in September, up 51% from the same month last year, according to hotel data and analytics specialist STR.
Updated: November 6, 2021, 13:12