Dubai continues to enhance business environment for smooth business in the Emirate. The recent change is indeed one of the best news for all doing business in Dubai. Reflecting the leadership’s vision The Dubai Department of Economic Development exempt companies from fines for non-renewal of licenses till end of 2018. The decree No 20 of 2018 was issued by His Highness Sheikh Mohammad bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. The decision reflects the vision of Dubai’s leadership to further increase the competitiveness of the Emirate and representation of continued support to the businesses of Dubai.
Sami Al Qamzi, Director General, DED, said: "DED urges all business owners to benefit from the decree, which exempts companies and establishments operating in the Emirate of Dubai from all the fines imposed on them, and facilitate the procedures for renewing licenses by the end of 2018”. Hence, the decree will add the financial benefits to businesses as a result of renewing legal records and licenses, and assist the business community in Dubai enhance their competitiveness in the market.
Omar Bushahab, the CEO, Business Registration &Licensing Sector in DED, stated: "This decree is a positive step in promoting economic growth and consolidating Dubai's position as one of the important commercial and economic centres internationally. It reaffirms to investors and businesspeople around the world that Dubai effectively addresses various economic variables with a forward-looking vision by adopting best practices and regulations. It also helps to remove concerns among investors and entrepreneurs looking to expand their business”.
The decree will also facilitate inward investment in the Emirate of Dubai. DED is implementing four initiatives to boost competitiveness and succeed in sustainable economic development in Dubai. The actions are related to exempting businesses from fines and trade violations, decreasing operational cost in the retail sector, supporting local production and procurement, and attracting the best startups to Dubai and supporting them.