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Tuesday / March 19.

Dubai Chamber in push to reduce business costs

Initiatives are in line with latest economic stimulus plan announced by government

Dubai: The Dubai Chamber of Commerce and Industry on Monday announced two initiatives aimed at supporting Dubai’s latest economic stimulus plan.

Among the new initiatives are plans to coordinate with other government entities to review services and fees in order to reduce the cost of doing business in the emirate.

This follows news from the Dubai government on Saturday about a set of economic initiatives to boost the emirate’s economy. These include plans to reduce the retail sector’s operational costs, as well as reducing the cost of doing business by reviewing fees and laws to reduce the burden on companies.

In its statement, the Dubai Chamber said it has established an advisory board to boost the contribution of global companies in shaping the regulatory landscape. The council of multinational corporations will represent business interests, strengthen investor confidence and play a key role in developing the local economy.

Hamad Bu Amim, president and chief executive officer of the Dubai Chamber, said the plan by the government will support the growth of Dubai’s economy and address challenges facing businesses in the emirate.

He said the chamber’s initiatives of cooperation between the public and private sectors will enhance the competitiveness of the economy, boost Dubai’s position as an investment market and help the emirate achieve its goals.

Bu Amim said he expects the initiatives to significantly boost investor confidence in the Dubai market and boost the emirate’s status as a global business hub, adding that the measures will support the Dubai Chamber’s mission of protecting the interests of the business community.

The plan announced by the government also covers other sectors of the economy, including tourism where Dubai is aiming to increase the number of visitors by attracting an additional one million visitors through tapping transit passenger traffic.

Additionally, it covers the real estate sector, foreign direct investment, developing the Islamic economy and e-commerce regulations, among others.

This article first appeared on GulfNews.com