The Dubai Chamber of Commerce and Industry has announced that it will waive late membership fees in an effort to reduce the cost of doing business in Dubai and enhance the competitiveness of the emirate’s private sector.

The move falls in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, which were announced earlier this year and aim to stimulate economic growth in Dubai, it stated.

Hamad Buamim, the president and CEO of Dubai Chamber, pointed out that that the fee waiver reflects the chamber’s strong commitment to protecting the interests of Dubai’s business community and supporting its growth and development.

The announcement comes after Dubai Chamber unveiled two major initiatives in recent months to support Dubai’s new economic stimulus plans. Among the new initiatives are plans to coordinate with other government entities to review services and fees.

In addition, an advisory board represented by leading international companies has been established by the chamber to boost the contribution of global companies in shaping the regulatory landscape.

Buamim said by introducing such measures, the chamber was providing companies with additional flexibility and support, enabling them to benefit from their membership at no additional cost.

"We expect this move to improve ease of doing business in Dubai and strengthen the emirate’s reputation as a world-class business destination," he added.-TradeArabia News Service