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The governmental support for the economic development of the community is a guarantee of the population’s well-being in the concrete region because of a range of opportunities for growth. The purpose of this project is to analyze the role of the services provided by the Department of Economic Development (DED) of Dubai in the community’s development with the focus on interviewing the persons who participate in developing objectives for the DEAD, work on improving the business licensing procedure, and supervise the development of DED projects.
The Department of Economic Development
The DEAD of Dubai was selected for completing the project because it works to contribute to the economic development of the Emirate, provides many opportunities for community members to launch businesses, and monitors several projects in which students, researchers, and young business leaders can participate. The DED was founded in 1992 as a governmental agency to plan and supervise the economic development of Dubai (“Department of Economic Development”). The DED works to improve the economic performance and environments of the Emirate and to guarantee the rapid growth while addressing the domestic and global trends in the economic development. As a result, the DED provides policies for the economic development and support local businesses and investors’ initiatives. The DED also launched the additional projects such as the Cleantech Dubai and Mohammed Bin Rashid Establishment for Young Business Leaders and established new agencies for regulating the export development, development of small and medium enterprises (SMEs), and foreign investment (“Dubai SME”; “The Need to Support Entrepreneurship and Innovation for the Future”; Townsend par. 3).
The DED Services Description
For the purpose of this project, the focus was on analyzing the connection between the community and such provided services as enterprise licensing, supervising the implementation of clean technologies in SMEs, and supporting young businessmen through Mohammed Bin Rashid Establishment. It was found that the main goal for the DED specialists today is the improvement of the business licensing procedure. At the current stage, the priority for the DED is the further enhancement of the business-friendly environment in Dubai mainland while improving traditional services. They include licensing of different types of enterprises and formulating business policies and procedures (Government of Dubai par. 2). The advantages of licensing procedures are actively used by SMEs, and in this context, the DED shares the responsibility for supporting SMEs with the subsidiary governmental agencies.
From this point, the connections of the DED services with the community development are obvious as more young people choose to participate in the Mohammed Bin Rashid Establishment project to open SMEs with the focus on the investors’ financial support and community members choose to register their enterprises in Dubai mainland instead of free zones. In this context, the DED improves the licensing procedures and provides more support for SMEs that represent the large part of the business sector in Dubai.
The Analysis of Policies, Diversity, and Business Ethics Effects
The research and practical outcomes of observing the work of the DED of Dubai and associated projects should be presented in the form of recommendations. Through improving the licensing procedure, the DED can contribute to supporting the local or community businesses and stimulate the further economic growth in Dubai. In spite of the fact that the DED follows the efficient licensing procedure for new businesses that is based on the principle of “one window”, it is important to propose new guidelines for licensing based on the related policies that can make the procedure of registering in Dubai mainland more attractive to community members than the registering of firms in the free zones (“Register Your Business in Dubai”).
The analysis of the DED activities in relation to developing licensing procedures and supporting SMEs indicates that the DED policies have the most important effects on the business registration trends in Dubai because of following legal norms and restrictions. As a result, the further improvement of the licensing procedure is possible with the focus on changes in the DED policies and norms. Such factors as social diversity in Dubai and business ethics influence the formulation of registration procedures and processes of applying for investment for nationals and foreigners. The modern DED procedures address the needs of the diverse communities, but the more improvement in this area is possible. In this context, the further modification of the DED services can lead to the higher economic diversification in Dubai.
The Impact of the DEAD on Community
The results of the observation of the DED activities and the interview with the DED employees allow concluding on the impact of provided services of the Dubai community development. It is possible to state that the initiative to improve the business licensing procedure is most promising for SMEs and young businessmen. Furthermore, the DED’s approach is effective to contribute to the economic diversification in Dubai. As a result of promoting the development of SMEs in the local business environment, it is possible to guarantee the diversification of markets in the UAE and the involvement of more investment.
The DED’s contribution to the community is the development of effective policies and procedures in order to facilitate the growth of businesses in Dubai while improving the economic situation in the Emirate. More persons can launch business projects relying on efficient licensing procedures, investment programs, and friendly regulations. The DED’s approaches to supporting the economic development of the community are rather flexible.
Works Cited
Department of Economic Development. 2015. Web.
Dubai SME. 2015. Web.
Government of Dubai. Government Entities: Department of Economic Development. 2015. Web.
Register Your Business in Dubai. 2012. Web.
The Need to Support Entrepreneurship and Innovation for the Future. 2015. Web.
Townsend, Sarah. UAE Launches Clean-Tech Start-Up Hub. 2015. Web.
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