The economic success achieved by Dubai in the past two decades laid the foundations for a globally competitive, comprehensive and sustainable environment and contributed to making the UAE one of the most attractive investment destinations and hubs for foreign investors seeking to enter regional markets, said UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

The economic development in the UAE has accelerated with the integration of federal and local laws and regulations, along with the world-class infrastructure in the country, he said, according to a Wam news agency report.

He added that this has established the foundations for a strong and diversified economy driven by knowledge, innovation and creativity, and positioning the nation among the fastest growing in the world.

Sheikh Mohammed bin Rashid's comments came on the occasion of the 25th anniversary of the founding of DED as the competent authority for developing and managing the economic agenda of the emirate of Dubai and providing all support for the structural transformation of the emirate into a diverse, innovative and knowledge-based economy focussed on improving the business environment and enhancing productivity.

DED completes 25 years of its inception at a time when the UAE is witnessing unprecedented economic diversification and accomplishments; the country advanced eight positions, from 26th to 34th, in the ‘Doing Business 2017’ report of the World Bank to become the top ranked among Arab countries, the Wam report said.

He underlined the contributions of the Department of Economic Development (DED) in creating and optimising economic opportunities in Dubai, and wished DED further success in serving the nation.

The World Bank also ranked the UAE among the top 10 countries in terms of the evolution of the business environment over the past year. The 2017 Global Entrepreneurship Index ranks the UAE top among countries in the Middle East & North Africa region and 19th globally, ahead of countries such as Norway, South Korea, Turkey and Japan. According to the Global Competitiveness Report 2016-2017, which tracks the overall quality of air transport infrastructure and compliance with global standards, the UAE is second only to Singapore.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, expressed his pride in the significant role played by DED in strengthening the foundations of development in Dubai.

"The economic achievements of Dubai over the past 25 years are a source of pride for us. The number of business licences issued by the Department of Economic Development when it began in 1992 was 28,000 but it has grown to 157,000 today. Over the past two decades, DED has developed and streamlined more than 2,100 varied business activities in line with the economic diversification policy of Dubai and by evaluating the needs of the market as well as investors," he added.

"Since its inception, DED has been led by a group of young and competent nationals who established efficient procedures and rules well-aligned with Dubai’s progressive outlook and they reinforced public-private partnerships to achieve sustainable growth and competitiveness across all levels," Sheikh Hamdan said.

"DED was entrusted with advancing growth in Dubai and making it sustainable. The achievements since then are best demonstrated by how well Dubai has integrated into the global economy and by the qualitative and quantitative growth the emirate has achieved, away from dependence on oil. Real economic growth in Dubai has averaged 5% in the past five years with non-oil economic activity steadily expanding," he added.