The Dubai Department of Economic Development (DED) has urged firms in the Emirate to benefit from the decree, which exempts them from the fines imposed on them, and facilitate the procedures for renewing licenses by the end of 2018.

“This will add to the financial benefits of the owners of expired business licenses, restore legal records and licenses, and help the business community in Dubai enhance their competitiveness,” said Sami Al Qamzi, director general, DED.

Omar Bushahab, CEO, Business Registration & Licensing Sector in DED, said: “This decree is a positive step in promoting economic growth and consolidating Dubai's position as one of the important commercial and economic centres internationally.

“It reaffirms to investors and businessmen around the world that Dubai effectively addresses various economic variables with a forward-looking vision by adopting best practices and regulations. It also helps to remove concerns among investors and entrepreneurs looking to expand their business”.

Bushahab urged the owners of business licenses to expedite all necessary procedures to benefit from the exemptions to renew their licenses before the grace period until the end of 2018.

The decree is part of the initiatives launched by His Highness Sheikh Mohammed to reduce cost of doing business and facilitate inward investment in the emirate. The Department of Economic Development is implementing four initiatives to stimulate competitiveness and achieve sustainable economic development in Dubai.

These are related to exempting businesses from fines and trade violations, reducing operational cost in the retail sector, supporting local production and procurement, as well as attracting the best startups to Dubai and promoting them. – TradeArabia News Service