‘Economy’ has been adopted as a measuring bar to compare nations in standards of their development. It’s a massive criterion that includes almost every citizen of the concerned country. Everyone no matter how big or small they are, contribute towards the economy and are subsequently affected by it. Bigger the country, larger is the economy. Stable economy strengthens a country and an unstable one can cause chaos. The foes of a good economy are inflation, poor allocation of resources, corrupt governments, etc. So in order to ensure a robust economy, every country appoints its own economic department to look into its economic affairs. This department is solely responsible for undertaking activities that would trigger the faster growth of the economy. The reliance of governments on such institutions is huge and the later is accountable only to the higher tiers of administration. This post is centered on the Economic Department of Dubai and you will get to know more about the Dubai Economic Department Activity List through this article.
DEPARTMENT OF ECONOMIC DEVELOPMENT
Dubai is the fifth-highest-performing economy in the world. Its climb from 167th position in 2012 to top-five last year is remarkable. And the department responsible for this economic growth of Dubai is called The Department of Economic Development (DED), Dubai. It was established to institutionalize trade policies and create various programmes and projects to enrich the nation’s economy. The DED was established in March 1992 and was declared as the supreme institution to look at the overall economic performance of Dubai in October 2008. The Dubai Economic Department Activity List is broad and engaging but the three prime goals of DED activity list are:
- Contributing to achieve Dubai’s vision of an ideal economy by providing assistance to diverse economic sectors.
- Developing an efficient environment to encourage foreign as well as local investments and organizing the business sectors along the lines of best-followed business practices.
- Making sure that human, financial and technical resources have been put to optimized usage and providing a supportive environment for innovations.
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DUBAI ECONOMIC DEPARTMENT ACTIVITY LIST
The DED, in its continuous endeavor to promote business and economic development, provides distinguished services and the most updated information to investors and customers. The activities undertaken by the DED are as follows:
It is one of the most important and intensive tasks performed by DED. Issuing and renewing trade licenses, providing essential information on all types of legal forms, fees, required documents, and document clearing centers. The DED can also find out everything about any license such as address, telephone number, etc at the time of demanding situations.
CLASSIFICATION OF ECONOMIC ACTIVITY PERMITTED WITHIN DUBAI
Segregation of similar trades into single category helps in proper management. This also facilitates effective policy making, encourages healthy competition and eases up the process of evaluating traders and their trade.
TRADE NAME AVAILABILITY
You need to find a suitable name for your trade as per the applicable terms and conditions. The DED ensures that it is unique and right. You must choose a name which fits with the culture and the rules of regulations of Dubai.
ISSUING TRADE PERMITS
The DED decides if your trade is not affecting the environment or neighbors and based on this observation, you are granted your permits. This also follows for foreign companies.
ACCOUNT DETAILS UPDATION
The DED urges individuals and organizations to constantly update their details to ensure proper communication.
The DED intimates you about your violation records and the penalties.
SETTING BUSINESS WORK HOURS
The DED ensures that the laborers are not exploited. Proper working conditions, fair treatment, timely and full payments and other aspects related to the betterment of workers are closely monitored. The DED even conducts surprise evaluations and penalizes the employer if found guilty.
MANAGING THE DED ONLINE PORTAL
The DED has transformed Dubai government into a smart government by launching the e-services. It has reduced the burden of the citizens by a lot. It has a very user-friendly interface and people from any working class can easily use it. The e-services include checking the status of your transactions, cost estimates for trade licenses, cost of renewal of trade licenses and general inquiries.
** The DED has further added to the Dubai Economic Department Activity List by acquiring four new agencies under its umbrella to include export development, retail development, entrepreneurship development and foreign investment.