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.
That's the message from Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai's Crown Prince and Chairman of The Executive Council of Dubai.
During his visit to the Department of Economy and Tourism (DET), Sheikh Hamdan reviewed plans to achieve the Dubai Economic Agenda D33’s goals to consolidate the emirate’s rise as one of the world’s top urban economies.
He commended the DET's initiatives aimed at raising the growth of key economic sectors, and said that Dubai stands on the cusp of a new phase of 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.
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 last year while the number of icences automatically renewed registered a year-on-year growth of 14 per cent in the first three months of this year.
In 2022, the DET's Government Procurement Programme awarded contracts and purchases worth nearly AED1.12 billion to members of the Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises, marking a growth of 21.5 per cent compared to 2021.
Helal Saeed Al Marri, Director General of DET, also highlighted the achievements of the manufacturing sector, which in 2022, accounted for 8.6 per cent of Dubai's GDP - and the share 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.