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Tue 1 Oct 2019 01:52 PM

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Dubai's new e-commerce strategy designed to encourage more FDI

Strategy aimed at increasing market share of Dubai-based firms to reach $6.5bn by 2022

Dubai's new e-commerce strategy designed to encourage more FDI
Dubai Crown Prince and Chairman of the Executive Council His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who chaired the meeting of the Executive Council.

Dubai has approved an e-commerce strategy aimed at attracting more foreign direct investments into the sector.

It is hoped the strategy, which was given the green light by the Executive Council, will help increase the market share of Dubai-based firms in terms of local and regional distribution, to reach AED24 billion ($6.5bn) by 2022.

This will be achieved by cutting the cost of e-commerce activities by 20 percent and includes reviewing the cost of storage, custom fees, VAT and transportation, among others.

It also aims to reduce paperwork required for customs clearance and reduce fees imposed while passing through free zone gates.

Dubai Crown Prince and Chairman of the Executive Council His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who chaired the meeting of the Executive Council, said: “Today, Dubai is a platform for major global e-commerce firms, thanks to the conducive business environment and flexibility of investment, in addition to the integration between the government and private sector, as well as its logistics and strategic location that facilitate international trade.”