More business reforms on the way to boost the economic attractiveness of Dubai
If there is any part of the world right now that shows one can never have too much of a good thing, it is surely Dubai. As the United Arab Emirates’ largest and most populous city, Dubai has proved itself one of the biggest economic success stories in the Middle East over the last few decades. Now, plans are underfoot for business reforms that should further increase Dubai’s competitiveness.
As reported by the Khaleej Times, Dr Raed Safadi – chief economic adviser at the Department of Economic Development in Dubai – indicated that the city would announce another round of incentives and measures in September, with the aims of luring more investment from abroad, lowering business costs and stimulating economic growth.
Dr Safadi was speaking about the plans at a seminar organised by the Dubai chapter of the Institute of Chartered Accountants of India, and suggested that they were also important for pushing the emirate’s gross domestic product (GDP) past the 3% mark.
“It will benefit all of you”
According to Dr Safadi, “for 2018, growth above 3% is the objective; we’re working on another basket of initiatives which will be announced in September and by then, the impact of the first package will also be felt. In the first phase, we’ll announce what had been the result of the first basket. Then, there will be a second round of initiatives and it will benefit all of you.”
Measures to have been announced for Dubai in the last few months have ranged from the reduction of municipality fees and the waiving of penalties and fines, to payment for licence renewal in instalments and the freezing of school fees for 2018-19.
Dr Safadi claimed that both big businesses and SMEs had welcomed the most recently announced measures, and emphasised that attracting investment was a particular priority for the government, explaining: “If we can’t promote investment, there will be no new job creation and growth acceleration.”
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