Department of economic development
Today, UAE is home to an ever-growing group of business owners and partners where the government is actively participating in encouraging entrepreneurship, and foreign direct investment and helping homegrown small and medium enterprises to succeed. DED (Department of Economic Development) in UAE was launched with a mission to set and drive the country’s economic agenda within the governance systems. It helps to identify and support strategic sectors and provide services to domestic and international investors and businesses. It contributes to economic planning and business sector regulation by implementing policies, development programs and projects by producing the best resources possible.
DED in the Emirates of Dubai is poised for a structural transformation into a diversified, innovative and service-based economy and is an entrusted government body to drive the economic agenda with an extensive governance system of UAE.
The economic department is responsible for the directives and regulation of economic activity for all businesses outside the free zones as stated by Law No. 13 of 2011 and oversees the licensing classification of economic activities permitted within Dubai, issuing trade permits and protocols associated with it. The department also highlights additional government approvals one must get to obtain a particular trade license. Dubai’s economic policy is aimed at implementing a fully integrated set of regulations that provides a level playing field for all, while also protecting the rights of consumers, employees, and employers as well as safeguarding national security. With a vision to become a pivotal hub in the global economy, DED follows a well-defined strategic path to regulate and promote sustainable growth.
Economic Growth: By supporting local and foreign investors and businesses, the department encourages the economic growth of SMEs as well as developing the industrial and export sectors. Under the guidance of visionary leaders, Emirates focuses on developing the different economic sectors & contributing support to various stakeholders and business sectors in order to have prosperous, resilient and sustainable growth in the economy of Dubai.
Economic Competitiveness: Attract local and foreign investment and organise the business sector by introducing an easy investment environment for business setup by advancing through the global economic indicators, as well as city-scale indicators.
Business Community Happiness: Cater to the best people, financial and technical resources and supportive environment for creativity and excellence, this pillar aligns with ensuring the presence of a business regulatory framework that supports businesses within laws set by the Dubai Government.
Economic Foresight & Planning: This pillar revolves around future shaping in order to plan and build a sustainable economy for Dubai in coordination with private and public sector partners. It anticipates future business opportunities and executes accordingly to drive healthy business sustainability in the emirate.
Advanced DED: Focusing on improving the internal function within DED, this pillar ensures the increase of the effectiveness and efficiency of our efforts to achieve strategic objectives.
Financial sustainability: This pillar insists on the efficient utilization of financial resources as well as the development of revenue streams and diversification.
DED manage a single portal for issuing licenses to businesses and dealing with investors with an establishment of a one-window system. The portal is a continuation of the department’s endeavours to ensure the best possible service and customer satisfaction. The portal is equipped with the latest data for socio-economic indicators, and eServices including checking the status of your transactions, cost estimates for trade licenses, cost of renewal of trade licenses and general inquiries.
In conclusion, the DED Platform is the key to all the business opportunities UAE has to offer for the comforts and convenience of established and new businesses in the country.
This blog post is written by Ms Shweta, Director of Business Advisory at Flyingcolour business Setup, Accounting & Tax Service in Dubai and across UAE. Being an expert advisor, she believes in providing the best advisory to make sure that every client is happy and satisfied with our services. Please send an inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366.