Economic stimulus package announced in Dubai

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced a package of policies aimed at boosting Dubai’s economy.

The package included setting up a consultative council to represent international companies operating in the emirate and a proposal to allocate 20 per cent of government contracts to small- and medium-sized companies (SMEs).

The package included numerous measures from government departments, including the Department of Finance waiving company fines and trade violations, and offering fee payments by instalments, and encouraging transit visitors and families to stay longer and more frequently. Dubai International Finance Centre would be strengthened and tasked with attracting foreign direct investment and increasing benefits from financial flows, estimated at $200 billion. Dubai Chamber of Commerce and Industry would review fees and local laws to reduce the cost of doing business and the material burden on companies. And Dubai Land Department would develop a mortgage and finance law, attract foreign investment and revitalise the property market.