Dubai has established a new investment regulatory body to enhance the emirate’s position as a global business centre, a report said.

Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, issued the law establishing the Dubai Investment Development Agency, said the Gulf News report.

The new entity will be an affiliate of the Department of Economic Development and has the mandate to boost Dubai’s reputation as an international business hub for attracting investments.

It will lay the foundation for a proper investment environment and a welcoming investment climate for investors to set up projects in the emirate, the report said.