A discussion session within the training workshops for members of the Dubai Economic Leadership Programme

During a discussion session within the training workshops for members of the Dubai Economic Leadership Programme
Issa Kazim: “3 strategies that consolidated Dubai’s leadership and strengthened its position among the best economic cities in the world”
Governor of the Dubai International Financial Centre:
Dubai has established the principle of a free economy and granted complete freedom to market mechanisms
– The emirate invested all financial and human resources at an early stage to build an attractive infrastructure
Dubai has invested well in oil export revenues in infrastructure development and has adopted the principle of multiplier effect by directing investments in the local economy
– The Dubai International Financial Center plays an active role in achieving the goals of the Dubai Economic Agenda D33
DUBAI, 28 APRIL / WAM / The Mohammed bin Rashid Center for Leadership Development organized a discussion session within the training workshops for members of the Dubai Economic Leadership Programme, which was launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, with the aim of providing them with skills A vitality that qualifies them to lead vital sectors in Dubai, and in a way that supports the goals of the Dubai Economic Agenda D33.
The discussion session was hosted by His Excellency Issa Kazim, Governor of the Dubai International Financial Centre, who reviewed Dubai’s development experience and its effective impact in supporting the process of growth, prosperity and development of the Emirate of Dubai economically and keeping pace with global changes by establishing the rules and fundamentals of the market economy from the beginning, as His Excellency indicated that there are a number of principles And the main strategies that contributed to Dubai achieving an economic renaissance and making it one of the most important economic cities in the world.
At the beginning of the workshop, the Governor of the Dubai International Financial Center spoke about the importance of the world of economics and economists, pointing out that economics addresses a specific problem that has existed since ancient times, which is how to invest limited resources efficiently to meet unlimited needs, indicating that the solution lies in developing sound economic policies. And inspiring.
His Excellency Issa Kazim identified 3 main strategies that have consolidated Dubai’s pioneering economic position over the years, pointing out that Dubai’s economy was based on adopting the principle of a free economy, giving complete freedom to market mechanisms, and that since 1894, merchants began heading to Dubai to establish their trade.
He said, “Dubai was keen from the beginning to provide complete economic freedom to merchants and reduce or eliminate customs duties, which contributed to attracting merchants and helped develop the import and export markets.”
His Excellency Issa Kazim pointed out that the second strategy, which contributed to consolidating Dubai’s pioneering economic position, is to employ all available resources, whether financial or human, in order to build an attractive infrastructure, which includes the regulations and laws regulating the trade sector since 1955, noting that Dubai worked in a phase It is early in providing the appropriate infrastructure for import and export operations and loading and unloading of goods, relying on the Dubai Creek.
He added, “The project to increase the depth of Dubai Creek and expand it so that large ships could enter, which was completed in 1960, was the first project that Dubai thought about and prepared a feasibility study for that cost half a million pounds, which facilitated the entry of large ships and contributed to stimulating trade movement.” in Dubai”.
His Excellency Issa Kazim said that Dubai’s good investment of all revenues from the export of oil, which was discovered in 1968 and the first shipment of which was exported in 1970, in developing the infrastructure that facilitates the movement of merchants, embodies the third strategy that ensured the emirate’s economic leadership. He pointed out that Dubai built Oil export revenues include Port Rashid in 1972, Jebel Ali Port in 1979, and then Jebel Free Zone in 1985, noting that the philosophy of investing in infrastructure that Dubai has pursued from an early stage has made it ready to exploit the revenues of the oil boom well.
The Governor of the Dubai International Financial Center confirmed that Dubai has adopted the principle of “multiplier effect” in directing its investments, as Dubai focused on investing in the local economy in exchange for developing a portfolio of investments outside the country, based on this principle, as investing one dollar in the economy results in… The local dollar is 4 dollars, which means that it has quadrupled, indicating that if this dollar is invested outside the country, the return does not exceed 7% under the best circumstances.
During the workshop, His Excellency Issa Kazim stressed that Dubai’s leaders have put the emirate on the right track since the 19th century, as a result of their focus on infrastructure development, which contributed to the success of Dubai’s efforts to attract foreign direct investments, as Dubai achieved first place in the world in this field.
He pointed out that the Dubai Economic Agenda D33 has set ambitious plans for growth over the next ten years, as the Dubai International Financial Center will play an active role in achieving the goals of the agenda, thus consolidating Dubai’s position among the top 3 economic cities around the world.
During the workshop, the Governor of the Dubai International Financial Center also discussed the role that the Dubai International Financial Center plays in the economy of the UAE in general and the Emirate of Dubai in particular, pointing out that free zones emerged with the aim of diversifying sources of income and revitalizing the economy, as their establishment came in response to the great demand from Before foreign banks enter the region’s market, and seize promising opportunities in the region’s markets.
He said, “In light of amending legislation to keep pace with economic developments, the constitution was amended to meet the requirements for establishing a financial free zone, and then Law No. 8 of 2004 – the Financial Free Zones Law – was issued, which allows the establishment of a financial free zone in any emirate in the country according to a federal decree.”
He added, “The Dubai International Financial Center consists of three authorities, which are the Dubai Financial Services Authority, the Dubai International Financial Center Authority, and the Dubai International Financial Center Courts. The center has gone through three stages of growth and development, which is the construction stage, which lasted for ten years and witnessed the attraction of about 1,200 companies with a number of employees.” It is about 17,000 and also witnessed the establishment of the Nasdaq Dubai stock exchange.”
He said, “The second phase is the phase of preparing a new financial strategy aimed at linking Dubai’s economy with the Far East (the South Asian corridor) and continuing to strengthen the regulatory and infrastructure structure. The objectives of this phase have been achieved ahead of schedule.”
He pointed out that the center is now in the third stage of its growth, as it includes 5,500 companies with a number of employees amounting to 41,500, pointing out that the center annually issues licenses for about 1,000 companies, stressing that foreign companies seek to be present within the center with the aim of serving the areas or markets that are capable of growth in the region.
The training workshops aim to provide those affiliated with the Dubai Economic Leadership Program with vital skills that qualify them to lead the future, in a way that supports the goals of the Dubai Economic Agenda D33 in doubling the economic growth of the Emirate of Dubai over the next decade, and consolidating its position among the top 3 economic cities around the world.
The workshops, which are supervised by an elite group of officials, sector leaders, and international experts, also aim to enhance the leadership skills of those affiliated with the program, thus contributing to the implementation of the ambitious plans of the Emirate of Dubai, in addition to informing program participants about future economic trends and best practices in developing and sustaining the development of economic fields.
The Dubai Economic Leaders Program seeks to prepare national cadres from the public and private sectors, qualified with the best experience and knowledge, with a focus on future economic skills. Program members undergo practical training aimed at creating leaders who possess pioneering thought and management skills to innovate pioneering solutions that can translate strategic plans into projects. List on the ground.

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