Meeting of the Higher Committee for the Development of the Economic and Financial Sector
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector, chaired a meeting to review upcoming plans, programmes, and strategic objectives of the committee.
Vision for Economic Development
H.H. Sheikh Maktoum stated, “Dubai enjoys a prime position among global economic centres thanks to the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Continued efforts to expand the economic and financial sectors build on this relentless quest to solidify the emirate’s position as a global economic hub that offers the best possible business environment for the private sector.”
Committee Responsibilities
The role of the Higher Committee aligns with ongoing initiatives aimed at enhancing the efficiency of the economic and financial ecosystem. The committee is tasked with:
- Approving economic and financial policies and strategies.
- Reviewing and updating sectoral laws and regulations.
- Enhancing transparency and governance.
- Encouraging listings on financial markets.
- Attracting investments in innovative sectors.
Strategic Objectives
“Our goal is to set more ambitious benchmarks with an integrated vision and policies that support Dubai’s competitiveness,” said H.H. Sheikh Maktoum. “Dubai continues to inspire with its exceptional performance on various global economic indicators, placing greater responsibility on us to maintain this leadership.”
Innovative Mechanisms for Growth
The committee is to devise innovative mechanisms to enhance Dubai’s economic standing. H.H. Sheikh Maktoum emphasized the importance of a comprehensive vision for the financial sector, including high-impact initiatives to be approved to drive global leadership in this sector.
Committee Members
The Higher Committee for the Development of the Economic and Financial Sector comprises:
- Mohammad bin Abdullah Al Gergawi (Vice Chairman)
- Mohammad bin Hadi Al Husseini
- Omar Sultan Al Olama
- Helal Saeed Al Marri
- Essa Abdulfattah Kazim
- Faisal Yousef bin Sulaitin
- Fadel Abdulbaqi Al Ali
- Saeed Al Attar
- Huda Sayed Naim AlHashimi (Secretary-General)
Strategic Plan Overview
During the meeting, the strategic plan was reviewed, which focuses on:
- Strengthening Dubai’s position in asset and wealth management.
- Supporting the growth of startups and attracting unicorn companies.
- Developing a competitive banking and investment environment.
- Accelerating digital transformation in the financial sector.
Future Investments
Steps to promote listings on financial markets and simplify related procedures were discussed. The goal is to position Dubai as a global hub for economic activities, attracting investments across various sectors including digital economy, FinTech, and innovations.
Monitoring and Coordination
The committee will monitor opportunities and challenges, ensuring integration among economic entities and supporting the Dubai Economic Agenda D33. This involves coordinating activities and promoting sectoral development.
Enhancing Competitiveness
A key priority is to enhance Dubai’s economic and financial competitiveness globally by streamlining policies. This includes developing an integrated ecosystem for conducting economic activities and ensuring Dubai remains attractive to investors and innovators.
Promotion of Dubai as a Destination
The committee will implement plans to promote Dubai as a premier destination for investors, overseeing execution in collaboration with relevant stakeholders. Data analysis from the economic and financial sectors will be employed as a reference to bolster Dubai’s global standing.
