Dubai’s Crown Prince has issued directives to reduce government procedures for doing business by 30 percent in the next three months to reduce the cost of conducting business and boosting economic growth.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who is also chairman of the executive council of Dubai, made the directive at a meeting with senior government figures including Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy ruler of Dubai and First Deputy Chairman of the Executive Council.

The move is the latest initiative in a series of stimulus packages in the emirate.

The Crown Prince said Dubai will continue to help the business sector overcome impact from the ‘current situation’, understood to be the ongoing effects of the COVID-19 pandemic.

“Government flexibility and efficiency are key to attracting businesses and enhancing the investment environment,” he said. 

“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. As a key stakeholder in Dubai’s development, the private sector is a critical partner for government projects. Our efforts will ensure that Dubai continues to be the leading investment destination in the region,” he added. 

Dubai’s support measures since the onset of the pandemic include five stimulus packages worth AED7.1 billion ($1.9 billion) designed to help the private sector ease financial pressures and reduce operating costs to mitigate impact.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021