DED signs MoU with MCI Middle East
The Department of Economic Development in Dubai has signed a Memorandum of Understanding with MCI Middle East, a global consulting company, to work together on developing strategies for more dynamic relations with the private sector and supporting the Business Community Engagement initiative, launched by DED earlier this year.
The agreement is part of the efforts to involve the business community to support the growth of strategic economic sectors, in line with the mandate of DED. The main objective of the initiative is to add value to Dubai's economy by activating more public-private partnerships to bring investment into Dubai and promote sustainable economic development in the emirate.
The initiative follows feedback received from the first Business Community Engagement regarding the need for improved public-private sector relations and their desire for a dynamic partnership with DED to exchange ideas and experiences as well as develop strategies that help overcome challenges and position businesses for future growth.
Mohammed Shael Al Saadi, CEO of Corporate Strategy Sector at DED, said the MoU will be bring significant advantages to the business community, particularly the business councils and business groups.
“MCI Middle East will provide its experience and knowledge in this area to build capacity and increase efficiencies. They will also engage with the business community to identify obstacles and challenges and provide recommendations, which will be translated into productive initiatives by the authorities concerned,” Al Saadi said.
Business groups and business councils serve as the voice of the various industry sectors, providing ideas and suggestions for the government to achieve a better future, Al Saadi said adding that MCI Middle East can also enable the business groups and business councils to build internal capacity and restructure themselves in line with global best practices in corporate governance.
Ajay Bhojwani, CEO of MCI Middle East, said: "We are delighted to be a strategic partner to the Department of Economic Development for the development of the business sector in Dubai. Under the partnership, our main role will be to support those business groups and business councils working with DED to develop a framework for strategy and implementation in a way that enhances the level of professionalism and adoption of global standards."
Bhojwani added: “As a global organisation operating in over 35 countries, we provide advice and training for business groups on capacity building, corporate governance and excellence. We will implement our partnership initiative with DED in two phases, the first of which will be a road map for the business groups and councils."
As part of the Business Community Engagement initiative DED will over the next three years, launch platforms to seek feedback and ideas from the business community on the current and future economic policy/initiatives, share information on trends and opportunities and collaborate with key private stakeholders in areas of mutual interest to add/create value for the economy. Over 30 quick-tasks and nine sustainable community initiatives have also been identified to touch the focal points of the initiative.