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Mohammed creates watchdog to protect businesses

Sheikh Mohammed listens to a department briefing

UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued an order setting up a trade regulator, Joint Commercial Control and Protection Establishment, to develop, regulate and protect the business environment in the emirate of Dubai.

The order was announced during Sheikh Mohammed's inspection tour of the Dubai Department of Economic Development (DDED) and the Entrepreneur Business Village, the new headquarters of the Mohammad bin Rashid Establishment for Small and Medium Enterprises (SME) Development, near the Clock Tower this morning.

Here, he was briefed by officials on the respective departments' strategic growth plans for the next two years.

Sheikh Mohammed further instructed the Dubai Executive Council to take all the necessary measures to implement the order, as part of efforts to be a leader in the fields of economic and environmental development.

Once operational, the new body, which is designed to be compatible with systems already in place in the emirate, will be tasked with protecting individuals and companies from illegal business practices by providing advanced solutions to ensure that a safe business environment prevails.

The establishment will become the sole economic regulatory and protection body and will assume full responsibility for local commercial activities in all sectors.

It is further charged with spreading awareness amongst individuals and corporations about their rights and obligations pertaining to the business environment in which they work. As well as providing human resource and staff training solutions, the institute will endeavour to assist local businesses to remain at the forefront of developments in the areas of regulatory compliance, trade and consumer protection.

Accompanied on his tour of the DDED by its Director General Sami Al Qamzi and department heads, Sheikh Mohammed was updated about transaction procedures and services available at the headquarters.

After stopping at one of the DDED's meeting rooms, Sheikh Mohammed was briefed about the department's future strategy, which includes achieving sustainable economic development, boosting competitiveness and developing policies and legislation to create a positive environment conducive to doing business.

In addition to providing value-added services to customers, the department is expected to have an impact on attracting foreign investment and improving the overall delivery of government services.

During the final part of his tour Sheikh Mohammed stopped at the new headquarters of the Mohammad bin Rashid Establishment for SME Development, where he was briefed on issues faced by Emirati youth in establishing small and medium-sized enterprises. Prior to concluding his tour, Sheikh Mohammed praised the constructive ideas and initiatives launched by the country's institutions and departments in various sectors.

Sunday, February 7, 2010