Dubai Restructures Municipality, Seeks Economic Opportunities Worth $2.7 Bln

Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
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Dubai Restructures Municipality, Seeks Economic Opportunities Worth $2.7 Bln

Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai announced Tuesday a new comprehensive structure for Dubai Municipality that supports the emirate’s priorities, future directions and development plans in various sectors.

This step aims to create economic opportunities worth AED10 billion ($2.7 billion) within five years, reduce operating costs by 10% and increase the quality of services by 20%.

This came during a meeting of the Dubai Council chaired by Sheikh Mohammed and attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and First Deputy Chairman of the Dubai Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Second Deputy Chairman of the Dubai Council.

During the meeting, the Council approved a comprehensive restructuring of Dubai Municipality to achieve the future goals and directions of the emirate, in addition to approving a comprehensive restructuring of the Land Department and a new system to ensure the sustainability of family businesses in the emirate.

The restructuring aims to transform Dubai Municipality into a specialized institution that adopts a private sector mindset to provide high-quality municipal services.

It also seeks to enhance its ability to keep pace with global changes in the areas of environment, climate change, circular economy, and the acceleration of partnerships with the private sector.

The Council also approved the comprehensive restructuring of the Land Department to enhance Dubai's leadership and competitiveness in the real estate sector and raise operational efficiency by at least 20%.

Dubai’s Agenda for the sustainability of Family Businesses for the next 100 years aims to provide all the necessary factors and enable them to effectively contribute to the economy and the emirate’s future.

The Agenda will see Dubai issuing a unified law for the sustainability of family businesses that meets all legislative requirements.

As part of the agenda, the Dubai Center for Family Businesses will be established as a central entity responsible for providing all services that ensure family businesses’ sustainability, launching four practical legal systems for the governance of family businesses, and establishing a center for settling family disputes through arbitration and mediation.

The Council further announced the establishment of a higher committee, headed by Sheikh Hamdan, to oversee all future technological developments in the digital economy.

Sheikh Mohammed directed the committee to develop the Dubai Metaverse Strategy in the next two months to contribute to enhancing Dubai’s position as a global hub for new Metaverse technology.

Also, the Council approved the establishment of the Higher Committee for Development and Citizens Affairs, which aims to provide all the support needed by citizens through a specific work strategy that contributes to achieving the goals set by Sheikh Mohammed in this regard.

The Committee will focus on ensuring the provision of advanced and integrated services to citizens, in addition to launching and approving a number of comprehensive initiatives.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.