Ministry of Economy UAE
UAE has strived over many years to build a free, market competitive, and diversified economy that is always open to foreign investments and businesses, channeling inherent Oil wealth towards not only their oil sector but also broad non-oil related sectors. This radical transformation of UAE, specially Dubai, in the last 2 decades has positioned it as a global business heaven. UAE’s banking and financial services sector lies at the heart of this economy, documenting and facilitating all kinds of businesses. UAE has time and time again proved its mantle as a global leader of business hubs, maintaining a world class reputation through its developed and connected economy.
Oil, Tourism, Construction, Port, Financial Services and Retail spend contribute the most significant share of the economy. At the core of this USD 375 Billion GDP resides the Ministry of Economy UAE, which is responsible for formulating and implementing the financial and economic policies of the United Arab Emirates within the overall vision of the UAE Federal Government. The MOE leverages UAE’s strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification, free zones and increased foreign direct investment; to contribute towards the UAE’s robust economy and general public development. The vision is to achieve a diversified global competitive economy based on knowledge & innovation – led by Emiratis!
The Ministry of Economy UAE has core values including innovation, respect of rights, sustainability, integration, competitiveness, excellence, and team spirit. The Ministry of Economy carries out the preparation of the project of the General Development plan of the state, identifies its stages, annual divisions and all matters associated to that such as projects, legislations, and proposals. The following are the key responsibilities of the Ministry:
- Propose the economic and commercial policy that realize the economic development, increase production, raise standard of living, and realize welfare to nationals
- Construct plans, programs, and projects necessary to implement the above policies
- Propose projects for legislation and organizational regulations for the commercial and economic activity and supervise the legislations and regulations implementation
- Prepare legislations that organize the various training stages suitable to realize the economic and customs unity within the Emirates constituting the UAE in cooperation with the ministry of Finance and industry and the other concerned ministries
- Cooperate with concerned ministries in conducting economic and commercial agreements and follow up the activities of the economic organizations, construct international and regional exhibitions and everything else that can support the trade exchange with other countries
- Prepare the economic development research and studies
- Study the needs of the country for development and improvement; propose the objectives and priorities based on the ongoing and future indications after approval of higher authorities
- Prepare drafts of the long, medium, and short terms plans and propose the necessary policy for implementing them and follow up execution and report that to the competent parties
- Propose preparation of the annual budgets for development; follow up expenditure from it in cooperation with Ministry of Finance and other concerned ministries
- Carry out the central statistic work
- Prepare the necessary economic, social, and financial studies for preparing the development plan in cooperation with the competent parties
- Present recommendations and the required methods to utilize the financial, material, and human resources for executing the development plans and annual programs, and refer such recommendations to the competent authorities
The roles and responsibility can evolve depending upon the Federal Government’s short-term and long-term financial and economic objectives as mandated. By implementing sound economic policies, the ministry is responsible for establishment of financial stability through optimal allocation of available financial resources. The ministry also works towards enhancing bilateral relations with other countries in financial and economic areas. In a challenging, rapidly changing, and increasingly competitive global economy, the Ministry of Economy UAE is committed towards creating the environment conducive to the growth of the national economy so that it can take bold and accelerated steps to face all these challenges and changes by committing to a centralized program. The program should focus around accelerating sustainable development of economy and provide more opportunities for the state, focusing on innovation, technology, knowledge, artificial intelligence, diversification of economic resources, and enhancing competitive environment in SME and Corporates – to name a few.
Dubai being crown jewel in UAE is facilitated by Dubai Economic Department as representative of Ministry of Economy Dubai. The Department of Economic Development (DED) of the Emirate of Dubai is a government body entrusted to set and drive Dubai’s economic agenda within the broader governance systems of the United Arab Emirates. The DED and its agencies develop economic plans and policies, identify, and support strategic sectors, and provide services to domestic and international investors and businesses. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth by regulating all businesses and commercial licenses.
Quantum Auditing having over a decade of regulatory experience under its belt can help facilitate your business registration with the DED (Dubai Economic Department). We can facilitate registration of businesses, trade licenses, trade names, commercial permits, and other regulatory issues.