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This is expected to improve Dubai’s, and in turn the United Arab Emirates’, position in the global Ease of Doing Business rankings
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The UAE’s score has already improved from 76.285 in 2015 to 80.915 in 2019, with the peak being 81.589 in 2018
Doing business in Dubai may become quite a bit easier soon, with Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum issuing directives on Wednesday, June 9, to reduce by 30% all government procedures for doing business.
This is expected to improve Dubai’s, and in turn the United Arab Emirates’, position in the global Ease of Doing Business rankings, which are assigned to countries from zero to 100, with a higher score denoting greater ease.
According to the World Bank, the UAE’s score improved from 76.285 in 2015 to 80.915 in 2019, with the peak being 81.589 in 2018.
Dubai’s move is reportedly part of efforts to reduce the cost of doing business and further boost economic growth in the emirate as part of the vision of UAE Vice-President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum to consolidate Dubai’s status as a global investment and business destination. He is also the ruler of Dubai.
The directives will apparently be implemented within the next three months.
Sheikh Hamdan’s directives came on Wednesday at a meeting chaired by him in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council of Dubai.
The meeting also evaluated various measures being taken to promote economic and business recovery and simplify and reduce procedures for the business sector that will help enhance Dubai’s competitiveness and investment attractiveness, said the aforementioned statement.
Dubai has put in motion five stimulus packages since the onset of the pandemic to help the private sector ease financial pressures, reduce operating costs. The packages are worth AED7.1 billion ($1.93 billion).