Last Wednesday, June 9, the Crown Prince of Dubai chaired a meeting in the presence of Sheikh Maktoum bin Mohammed bin Rashid al Maktoum, Deputy Ruler of Dubai regarding the reduction of business costs in Dubai by a third of its original costs.
The move is part of His Highness’ Sheikh Mohammed bin Rashid Al Maktoum’s vision to make Dubai a premier global investment hub.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai has issued directives to reduce government procedures for doing business by 30% in the next three months.
It is also the latest initiative in a series of boosters the government has implemented in order to support the economy and boost its growth.
“We have made significant progress in strengthening Dubai’s economic recovery. Normal life has resumed, and the increased stability of businesses will help raise the sustainability of Dubai’s economy,” Sheikh Hamdan said.
“We are determined to further support businesses and deepen the confidence of investors as part of ensuring a win-win partnership.” He added.
Since the beginning of the pandemic, Dubai’s nonstop efforts in easing the private’s sector financial pressure can be seen in its 5 stimulus packages worth AED 7.1 billion. In fact, in February, it was reported that UAE, as a whole, provided a total of AED 395 billion in financial support.
“We will continue to work on unlocking new opportunities for businesses and investors to help them grow. Promoting partnerships with the private sector is a key strategic objective for Dubai,” said Sheikh Hamdan.
Several companies also introduced their own Covid-related initiatives to support their employees and businesses which worked well together with government efforts and strengthened the overall economy of the country.
Dubai has weathered the repercussions of the global pandemic very well.
Source: Khaleej Times