Dubai World Trade Centre move is designed to boost FDI in the emirate
The Dubai World Trade Centre (DWTC) has announced reductions of up to 70 percent on licensing and incorporation fees within the DWTC Authority and One World Central.
According to DWTC, the programme will provide competitive offerings with the objectives of supporting the growth of inward FDI and accelerating the private sector’s contribution to Dubai’s GDP, in line with government directives designed to reduce the cost of doing business and cement Dubai’s position as a global investment destination.
“The UAE’s bold economic initiatives demonstrate the strength and resilience of tis economy, which is agile, open and inclusive,” said Helal Saeed Almarri, director general of DWTCA and Dubai Tourism and Commerce Marketing.
“DWTC’s commercial propositions are designed to support the government’s mandate on reducing fees to scale down the cost of doing business for the private sector and to offer a viable eco-system that supports sustainable, long-term success, as well as attracts regional and global headquarters to consolidate and relocate their operations at considerable scale to Dubai.”
DWTCA’s revised fees will see decreases of between 50 and 70 percent on registration and licensing fees, with a 40 to 50 percent reduction on immigration related service fees, depending on the scale of the business operation.
“The significant reductions in licensing and incorporation fees further support The Executive Council of Dubai’s recently announced wide-ranging policy measures, and will collectively increase the competitiveness of, and the ease of doing business within the DWTCA free zone,” Al Marri added.
The UAE is currently ranked 17 out of 137 countries and continues to lead the Arab world in terms of competitiveness, rising seven places from its 24th place ranking in 2012-13, and consistently scores high across the pillars of institutions, infrastructure, goods market efficiency, labour market efficiency and business sophistication.