A raft of new measures has been announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE), and ruler of the Emirate of Dubai, in an attempt to boost three key sectors of the economy: housing, SMEs and retail.
Sheikh Mohammed shared the proposals with senior officials over the weekend, including the introduction of time-sharing ownership of property in the emirate; a means by which foreign owners can own a fractional share of an apartment or villa for personal use for a set period each year.
Launched by Dubai's Department of Tourism and Commerce Marketing, the proposal is intended to not only attract more investment in the property sector but ensure Dubai remains an attractive destination for international holidaymakers, while also encouraging them to stay longer. The department is targeting between 500 and 1,000 of such holiday units.
In terms of SMEs, Dubai's Department of Finance is coordinating with government ministries to incentivise them to allocate 20%of tenders to SMEs. Other initiatives include efforts to attract added numbers of tech entrepreneurs to the emirate, moves to stimulate its Islamic finance capacity, and plans to develop a servicing hub for yachts and cruise ships.
"Dubai has established a clear and well-established economic policy which in turn has strengthened its ability to absorb rapid changes in an unstable global economy in order to achieve sustainable economic growth and enhance its competitiveness at all levels," Sheikh Mohammed said in a statement.
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