More Business Reforms On The Way To Boost The Economic Attractiveness Of Dubai

More Business Reforms On The Way To Boost The Economic Attractiveness Of Dubai

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If there is any part of the world at this time that shows one can never have too much of an honest thing, it really is surely Dubai. As the United Arab Emirates' largest and most populous city, Dubai has proved itself one of the biggest economic success stories in the Middle East over the previous couple of decades. Now, plans are underfoot for company reforms that must further broaden Dubai's competitiveness.

Measures to have been announced for Dubai in the previous couple of months have ranged from the relief of municipality fees and the waiving of penalties and fines, to payment for licence renewal in instalments and the freezing of faculty fees for 2018-19.

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According to Dr Safadi, "for 2018, growth above 3% is the purpose; we're working on another basket of initiatives which will be announced in September and by then, the affect of the first machinery will also be felt. In the first part, we'll announce what had been the consequence of the first basket. Then, there will be a second round of initiatives and it really is going to benefit all of you."

Dr Safadi claimed that each and every big companies and SMEs had welcomed the main recently announced measures, and emphasised that attracting investment was a bound priority for the government, explaining: "If we can't promote investment, there will be no new job production and growth acceleration."

As reported by the Khaleej Times, Dr Raed Safadi – chief economic adviser at the Department of Economic Development in Dubai – indicated that the city would announce another round of incentives and measures in September, with the aims of luring more investment from abroad, lowering company fees and stimulating economic growth.

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More Business Reforms On The Way To Boost The Economic Attractiveness Of Dubai

Dr Safadi was speaking about the plans at a seminar organised by the Dubai chapter of the Institute of Chartered Accountants of India, and steered that they had been also extremely important for pushing the emirate's gross domestic product (GDP) past the 3% mark.

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