Dubai is on a persistent mode for development and the very new strategies set by the Vice-President and Prime Minister of the UAE and Ruler of Dubai; Sheikh Mohammad Bin Maktoum Al Nahyan is going to enhance Dubai’s economy further. The gist of the main elements that will be implemented for the development of Dubai’s economy is given below.
Highlights of the New Economic Strategies
Sheikh Mohammad tweeted: “Developing the competitiveness and resilience of our economy is a continuous journey whose goal is always to maintain the first positions.”
- New initiatives will be incorporated to lower the operational cost of retail sectors, fines and trade violations will be waived off. Local firms and companies related to IT and tourism in Dubai will be supported for further growth.
- Government fees will be enabled to pay by installment and 3 / 4 star hotels can pay their hotel fees on a half yearly basis compared to former monthly payment method. Around 20% of government tender will be allocated for small and medium size enterprises.
- Transit visitors and family tourism will be promoted by time share system and low cost packages for transit visitors.
- Foreign investment will be encouraged and supported also strengthened to attract a financial inflow of $200 billion. New financial products and plans will be implemented by Dubai International Financial Centre.
- The cost of conducting business in Dubai will be revised and new fees will be initiated to ease the companies of any burden.
- The mortgage and finance law will be further revised to attract foreign investment into the real estate sector.
- The Sukuk market will be developed for small medium enterprises; Sukuk listings, issuance and fresh retail Sukuks also will be promoted.
- Shipping and air freight will be enhanced to function meticulously and uplift the inflow of foreign trade by Dh27 billion. There will be new methodologies implemented for reducing the time constraint and activate fast shipping. An Aluminium complex will be instigated as to bring together largest international Aluminium operating firms.
- The Dubai free zone council will establish novel objectives to attract international companies to work in Dubai and its free zones.
- In Dubai South an integrated scheme will be incorporated for private air craft registration and to make Dubai a global centre for private planes and their further functionalities by offering special permits for landing of the private aircrafts.