Incentives to shore up businesses on cards

dubai — Investors’ trust in the UAE business environment reflects the country’s resilient and diversified economy, said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, affirming that the UAE boasts a unique model of development that has positioned the country as a safe global haven for investors from different parts of the world.

Sheikh Mohammed made the remarks after listening to a briefing on a package of economic incentives for sustainable growth in the country.

“Over the past decades, the UAE has managed to integrate with the world economy, turning into a vital hub for international trade, with Dubai proving its worth as a key global economic destination,” Sheikh Mohammed noted, adding that the country will continue to forge ahead with its successful economic endeavours.

The incentives suggested on Saturday by various departments are aimed at attracting foreign direct investments, improving local manufacturing and creating better investment environment. The Department of Finance suggested making paying some governmental fees in installments, which could strengthen the trust between the private sector and the government.

To support entrepreneurs, the department will coordinate with authorities to provide them with stimulus packages, such as 20 per cent of government tenders for Small and Medium-Sized Enterprises.

The department also suggested changing fees collection semi-annually instead of monthly to give the businesses enough space to gather the necessary liquidity for development. — Wam