Dubai: New Investment Platform Launched

UAE News developments

Dubai: New Investment Platform Launched

Arabian Business, 13 March 2024: Dubai’s Ruler has issued a Decree establishing a Unified Digital Platform for companies setting up in the Emirate.

Dubai Decree No. 13/2024 has been issued as part of efforts to improve Dubai’s business environment and support economic growth.

It aims to integrate various licensing processes in the Emirate including those managed by the Economy and Tourism Department and the authorities of special development zones and freezones, including the Dubai International Financial Centre (DIFC).

By offering a streamlined channel for accessing information, obtaining licences, and availing other services related to economic activities, the platform seeks to improve ease and convenience for investors.

The Economy and Tourism Department will be responsible for operating, managing and developing the Invest in Dubai platform together with the relevant licensing bodies and in line with the digital transformation guidelines set out by the Dubai Digital Authority.

All requests related to licensing and permits should be processed through the Invest in Dubai platform in line with the procedures, requirements, timelines and fees mentioned in the Guide. The Guide is an electronic document developed by the Economy and Tourism Department, It outlines the requirements for operating a business in Dubai.

The Chairman of the Executive Council will be responsible for issuing the decisions to implement the Decree. It annuls anything which may contradict it.

It applies to all economic activities in Dubai and aims to regulate the issuing of licences, permits and approvals in the Emirate to improve clarity and simplicity.

It also aims to help investors overcome obstacles in setting up or operating businesses in Dubai.

In addition, it aims to improve electronic integration between licensing departments and other key entities to avoid procedures being duplicated.

It aims to support digital transformation efforts in line with the objectives of the Dubai Economic Agenda D33 too.

It will be published in the Official Gazette and come into force on its published date.

Dubai Executive Council Decision No. 5/2024 has also been issued. Under this Decision, key principles to support investors in Dubai are introduced. The principles apply to the processes for all licences, permits and approvals related to business activities in the Emirate.

Under the Decision, all licensing entities and federal and local entities responsible for regulating and supervising business activities in the Emirate are also responsible for facilitating the investor journey in Dubai and implementing the relevant procedures to achieve this.

It also outlines various measures to provide a smooth investor experience. This includes registration on the Invest in Dubai digital platform, unified digital data registration and instant licensing. It also includes instant licence renewal, one-step fee payment, streamlining of licensing requirements and standardisation of procedures, rules and conditions.

It will be published in the Official Gazette and come into force when Dubai Decree No. 13/2024 comes into force.

Also reported in WAM Arabic on 13 March 2024. For the full story, click here.

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Tanya Jain