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Sunday / March 17.

New initiatives aim to boost business

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday met with a group of Dubai officials to discuss how to give a strong boost to the local economy.

“Today, I discussed with a group of government officials economy-boosting initiatives for Dubai with the aim of reducing the cost of doing business, supporting registered companies, and attracting new investments,” Shaikh Mohammad tweeted.

The incentives, which include reducing the costs of doing business, supporting registered companies, and attracting new investments, aim to strengthen efforts to attract foreign direct investment, raise financial and economic efficiency and stimulate investment.

They are also aimed at stimulating local production, improving the business environment to make it more efficient and attractive, developing competitiveness and encouraging innovation and efficiency to strengthen Dubai’s global standing.

A consultative Council will be set up as part of the incentives to enhance the contribution of international companies to shaping the legislative atmosphere and investing in infrastructure as well as boosting their role in building the local economy while focusing on creative industries

“Investors’ trust in the UAE business environment reflects the country’s resilient and diversified economy,” said Shaikh Mohammad Bin Rashid, adding that the UAE boasts a unique model of economic development that has positioned the country as a safe global haven for investors from various parts of the world.

“Over the past decades, the UAE has managed to integrate with the world economy, turning into a vital hub for international trade, with Dubai proving its worth as a key global economic destination,” Shaikh Mohammad noted, adding that the country will continue to forge ahead with its successful economic endeavours.

He said that despite recent progress, the future is not free of challenges.

“We have the potential to maintain our sustainable progress and pioneering success to further strengthen our position on the world economic scene,” he said.

“We are steadily progressing towards the future through a diversified, innovative, knowledge-based economy that is relying on different tributaries,” the Vice-President said, adding that the UAE economy has displayed an enviable ability to survive the international financial slowdown, as well as the regional geopolitical circumstances.

What individual government departments are planning:

* Department of Finance

Pay government fees by instalment, allocate 20 per cent of government tenders for small and medium-sized enterprises, and collect 3-4 stars hotels’ fees on a half-yearly basis instead of monthly

Dubai Department of Economic Development (DED)

Waive companies of fines and trade violations, Renew commercial licences, reduce the operational cost of the retail sector, support local purchase by encouraging local production and attract 1,000 emerging growth companies in Dubai, especially in the field of technology

* The Department of Tourism and Commerce Marketing (DTCM)

Increase the number of visitors at a low cost by attracting 10 per cent of the transit passengers, constituting an additional 1 million visitors annually. Promote family tourism using the time share system. Increase the number of family tourists from 70,000 to 150,000 annually, in addition to encouraging tourists to stay longer and make frequent visits.

* Dubai World Trade Centre

Attract foreign investment, particularly from south-east Asia. Attract foreign direct investment and benefit from financial flows, estimated at $200 billion. Strengthen the role of the DIFC. Facilitate the movement of financial products. Increase the volume of financial investments in Dubai.

* Dubai Land Department

Develop a mortgage and finance law. Revitalise investment in the real estate sector. Attract foreign investment portfolios.

* Dubai Chamber of Commerce and Industry

Reduce the cost of doing business by reviewing fees and local laws to reduce the material burden on companies.

A consultative Council will be set up as part of enhancing the contribution of international companies. This is to boost their contribution to shaping the legislative atmosphere and investment infrastructure and enhance their role in building the local economy while focusing on creative industries.

The Dubai Islamic Economy Development Centre (DIEDC)

Develop and improve the sukuk market, increase sukuk issuance and listing in Dubai, develop new platforms including retail sukuk and the Secondary Sukuk Market for Small and Medium Enterprises.

* Ports, Customs and Free Zone Corporation

Conducting pre-customs clearance agreements and approved operator system, reduce the time required for foreign trade procedures, Activate shipping and air freight and boost and increase the volume of foreign trade by about Dh27 billion. Maintain the competitiveness of the Emirate as a global trading centre. Establish Aluminium Derivatives Complex to draw the largest international companies operating in the field of aluminium derivatives.

* Dubai South

Establish a specialised centre for the registration of private aircraft, exempt private planes from prior permits for landing to make Dubai a global centre for the registration of private aircraft by offering a package of integrated and distinctive initiatives.

* Dubai Free Zones Council

Creating e-commerce regulations. Setting conditions and controls to find the best ways to attract international companies and encourage them to work in Dubai and its free zones.

This article first appeared on GulfNews.com