Dubai’s business appeal holds the key

Forums that connect industry leaders with the government are needed for constructive dialogue

Dubai’s economy has long had the luxury of being one of the few in the region that is not based on oil. That may seem counter-intuitive, but as the global oil market changes, the emirate now finds itself with an economy that is far more diversified than many countries in the region. Its years of building itself up as a hub for trade, shipping, retail, aviation, tourism and technology have sustained it while many other cities in the region have struggled with the effects of declining oil prices.

However, what happens to the UAE’s neighbours also affects Dubai, and for the last two years, the UAE has felt the effects of the regional slowdown caused by the 2014 crash in oil prices. According to the International Monetary Fund, the UAE was one of the few countries in the region in 2017 to see sustainable growth.

There is no point complaining about how things used to be. The only practical way forward is to make sure that Dubai’s business commentary has what it needs to continue growing. That’s what makes workshops like the one held yesterday, which allowed business leaders to meet His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, so important. Workshops such as this allow for constructive dialogue and give the government greater insight into how to support small and medium-sized businesses, and find ways to help make foreign investors and their families a part of the UAE’s community, and ensure Dubai remains an attractive investment destination.

Dubai has already passed several initiatives to achieve this, including the freezing of any increases in government fees for three years and the exemption of some firms from fines as well as the reduction of some operational costs for retailers. Now that the companies have had a chance to voice their concerns, the government can look for additional ways of further stimulating the economy.

What these companies say should not be taken lightly either, as their concerns will likely shine a light on ways to increase the competitive nature of Dubai as whole, which will allow the emirate to bring in greater foreign direct investment.

Dubai is already a hub for many of the industries in the region. Its previous economic initiatives helped it achieve that. So every effort should be made to ensure it emerges as a global leader for business.