How DEDC drives Dubai’s economic transformation

The Dubai Economic Development Corporation (DEDC), the economic development arm of the Dubai Department of Economy and Tourism (DET), is a key organization driving the growth of Dubai, one of the economic powerhouses of the UAE. The DEDC plays a leading role in Dubai’s economic diversification, attracting foreign investment, and global talent. Furthermore, the DEDC is committed to advancing innovation, artificial intelligence, and technology to position Dubai as a global hub for investment and entrepreneurship.

Hadi Badri, CEO of DEDC, emphasized the organization's role in achieving the goals of the Dubai Economic Agenda, and how the DEDC fulfills its responsibilities through various initiatives and collaborations. He stated that the UAE National Day is a special occasion for all Emiratis, a time to celebrate unity, progress, and visionary leadership, and an opportunity to reflect on the achievements of Emiratis and residents and reaffirm their commitment to a brighter future. The Dubai Department of Economy and Tourism always keeps in mind the ambitious goals of the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy by 2033 and further consolidate Dubai's position as a leading global business and leisure city.

Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has long been a gateway to the region, attracting global businesses and investments through business-friendly and talent-first policies. As the economic development arm of the Dubai Department of Economy and Tourism, the Dubai Economic Development Corporation plays a crucial coordinating role in consolidating Dubai's existing global position and achieving the D33 Agenda goals. DEDC collaborates with numerous stakeholders to accelerate economic growth, increase diversification, promote foreign and private investment, and enhance Dubai's competitiveness. At the same time, they are committed to attracting global talent and supporting Dubai to become the most suitable city to visit, live, work, and invest in.

DEDC has established long-term and new strategic partnerships with local and international public and private entities. These partnerships demonstrate DEDC's firm commitment to attracting high-value investments and maintaining sustainable growth. As it celebrates the 53rd UAE National Day, DEDC reaffirms its commitment to draw inspiration from Dubai's visionary leadership and consolidate Dubai's position as a global leader in economic opportunity, talent attraction, and ease of doing business. Through public and private sector collaboration, they continue to make progress and look forward to the future.

DEDC is actively promoting the diversification of Dubai's economy, focusing on industries critical to long-term growth, such as digital technology, healthcare, and education. Their initiatives aim to ensure that Dubai remains the preferred destination for global businesses and investment, and are based on a firm commitment to cooperation and partnership. Since the launch of the D33 Agenda nearly two years ago, significant progress has been made in business acceleration. Priority sectors such as logistics and real estate have achieved double-digit growth rates. Dubai continues to lead in global foreign direct investment (FDI), with more source markets investing in Dubai and more mega-deals being completed, each worth billions of dirhams. In terms of projects, FDI has led for three consecutive years, while new business licenses have increased by 40% year-on-year.

Partnerships are essential for Dubai’s economic growth and are key to achieving the leadership’s ambitious goals. Historical data shows that the most sustainable and fastest-growing economies are the most open, and Dubai has fully embraced this philosophy through its policies and pursuit of win-win partnerships. The UAE is committed to signing free trade agreements or comprehensive economic partnership agreements (CEPAs) with strategic partners around the world. These agreements cover trade, payments, and promote foreign direct investment. For example, the UAE-India Comprehensive Economic Partnership Agreement signed in 2022 has accelerated bilateral trade by 15%, while strengthening investment flows and achieving significant breakthroughs in trade and technology partnerships.

One of DEDC's key initiatives is the Dubai Traders Program, which directly contributes to the D33 Agenda. The program's origin is that trade has always been a key driver in Dubai's economic history and is an integral part of Dubai's DNA as a city. As trade becomes more digital and globalized, and driven by e-commerce and logistics, DEDC hopes to activate digital channels for Dubai's trading businesses to scale their operations and reach more domestic and international customers. They have established partnerships with noon and Amazon to support Dubai's SMEs in establishing online businesses, digitizing processes, and expanding to new markets. They will also establish more partnerships to provide traders with more solutions to scale their operations.

Meanwhile, cooperation with well-known institutions such as the Indian Institute of Technology Madras (IITM) has promoted advances in research and development and education, which is consistent with Dubai's focus on knowledge-based growth. By actively participating in the global business community, DEDC is committed to staying ahead of market trends and adapting to changing needs. Whether at international forums or through local dialogues, they prioritize improving the ease of doing business in Dubai. By strengthening connections with global stakeholders, including through public-private partnerships, they are maximizing the benefits of comprehensive economic partnership agreements and other agreements. This approach helps them build a resilient and diversified economy that attracts investment in emerging industries ranging from technology to sustainable industries.

Dubai's and the wider UAE's attitude towards artificial intelligence reflects their bold leadership and future-oriented mindset. Unlike many markets that are cautious about artificial intelligence, Dubai and the UAE see it as a transformative force and are at the forefront by taking a series of groundbreaking initiatives. In 2017, the UAE became the first country to appoint a Minister of State for Artificial Intelligence, highlighting its commitment to innovation. Earlier this year, Dubai government entities, including DET, appointed 22 Chief AI Officers to accelerate the adoption of AI, improve efficiency, and improve customer interaction. These initiatives underscore the UAE's determination to play a leading role in the global AI agenda, providing an optimistic outlook, credibility, and a reliable track record for attracting global talent and investment.

Dubai is committed to becoming a global hub for artificial intelligence and advanced technology, and DEDC is at the forefront of this effort. Under the leadership of the DET Chief AI Officer, they actively cooperate with global technology and innovative companies to demonstrate Dubai's value proposition as an ideal ecosystem for innovation and support them in establishing businesses in Dubai. They provide domestic expansion support for global companies established in Dubai. They provide these companies with market insights and connect them with relevant local stakeholders to explore cooperation and partnerships, ensuring their seamless integration into the local economy. Recent initiatives, such as Sandbox Dubai, one of the transformative projects of the D33 Agenda, provide a testing platform for AI-driven solutions, further consolidating Dubai's reputation as a city that embraces cutting-edge technology.

DEDC's responsibilities are not limited to attracting technology-focused companies. They are also committed to attracting and supporting businesses and investors in various industries to set up operations in Dubai. They are eager to contribute to Dubai's economy, use Dubai as a platform for global expansion, and cooperate with innovators to adopt advanced technologies and artificial intelligence to improve productivity. By doing so, they ensure Dubai's attractiveness as an investment destination, further strengthening Dubai's position at the forefront of the Fourth Industrial Revolution.

In a rapidly evolving global environment, enhancing Dubai's economic competitiveness requires a strong emphasis on innovation. For DEDC, innovation is not just a priority, but a fundamental component of its strategy. In order to align with the D33 Agenda and the focus on improving economic productivity through innovation, they focus on promoting sustainable growth, resilience, and digitization in all industries. Their approach includes initiatives such as Sandbox Dubai, which promotes the experimentation and development of transformative solutions in areas such as the gig economy and real estate technology, while cooperation with global academic and digital leaders creates a culture of learning and continuous improvement. These measures ensure that businesses in Dubai can access and utilize cutting-edge technologies to enhance operations.

Crucially, DEDC extends the spirit of innovation to traditional industries, encouraging them to adopt new digital tools and working methods. By streamlining the regulatory framework and embracing digital transformation in the public sector, they lead by example, encouraging businesses of all types and sizes to embrace next-generation solutions, thereby consolidating Dubai's position as a global center where innovation thrives. This mindset and approach also extends to entirely new industries. Dubai has demonstrated remarkable flexibility in establishing a regulatory framework for distributed ledger technology (DLT) and virtual asset service providers (VASPs). Interaction with the global ecosystem began in November 2021, highlighting the need to establish an independent regulatory structure at the intersection of traditional and new economies. By March 2022, Law No. 4 was enacted, officially establishing the Virtual Assets Regulatory Authority (VARA), the world's first and so far only agency dedicated to the virtual asset economy.

VARA now plays a key role in shaping Dubai's advanced legal environment, aiming to protect investors and set benchmarks for cross-border interoperability and effective governance of the global virtual asset industry, which is consistent with Dubai's vision for an inclusive future economy. They have also been able to take advantage of the implementation of Dubai's unified license, which makes it easier and faster to do business by providing a single reliable source of information that anyone can access.

Talent is often described as the core of economic growth. DEDC focuses on attracting and retaining the best talent, who can feel empowered to contribute to the economy in Dubai and grow personally and professionally to reach their full potential. Dubai offers a unique combination of livability, career development, and global connectivity, making it a benchmark for truly global cities. Connected to more than 400 cities by air and sea, Dubai's infrastructure facilitates seamless global access. Initiatives such as the Golden Visa program and tailored residency programs highlight Dubai's commitment to attracting top talent from around the world, contributing to Dubai's accelerated development, productivity, and pursuit of excellence.

Dubai's flexible and rapidly evolving economy has established Dubai as the preferred destination for international investors, digital-first start-ups, savvy business entrepreneurs, and multinational corporations, highlighting its competitiveness and attractiveness to global talent. In the first half of 2024, Dubai ranked first in the world in attracting greenfield foreign direct investment projects in a range of industries, including tourism, real estate, artificial intelligence, logistics, and financial technology. This also allows Dubai to continue to maintain its position in the top five globally in terms of jobs created through foreign direct investment. The city has seen a surge in talent attraction in key areas such as business services, IT services, and financial services. Attracting businesses and talent go hand in hand, creating a virtuous cycle. As Dubai continues to attract foreign investment and new businesses, global talent follows. At the same time, smart money follows smart people. DEDC is eager to empower talent and entrepreneurs and celebrate their achievement of their best in Dubai, the city they love. Talent will continue to seek places with a good track record. They will look for optimism, they will look for credibility, and Dubai is making positive progress in all of these areas.