Dubai has done away with more than 61 percent of government procedures for setting up and running a business, local reports have said.
This was more than double the target of 30 percent reduction in business setup procedures that the emirate had set earlier this year.
The move is said to be part of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s vision to make the emirate economically attractive by helping entrepreneurs set up and run businesses much more easily.
Dubai has also seen a 95 percent reduction of licensing requirements through the Invest in Dubai platform, said the reports.
Overall, nearly 11,000 requirements are said to have been have been eliminated to enhance ease of doing business in Dubai.
In feedback sessions organized by the authorities to identify the expectations and requirements of business leaders, 98 percent of investors expressed their satisfaction with the facilities and initiatives launched by the Dubai government, which they said would have a direct positive impact on the emirate’s business environment.
The investors also indicated that the improvements would help enhance procedures and reduce effort, time and costs by 84 percent, 90 percent, and 75 percent, respectively.
They added that the steps would also create promising new investment opportunities.
Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said about the emirate’s economy that the administration would continue to create the conditions required to reinforce Dubai’s status as a preferred global investment destination
This, he said, would be backed by the flexibility and effectiveness of its government procedures and the advantages it offers investors.
He added: “We will continue to build on Sheikh Mohammed bin Rashid’s vision to raise the emirate’s role as a key player in the global investment landscape.”
Sheikh Hamdan also said: “Dubai places a high priority on the empowerment and involvement of the private sector and the consolidation of its economic system as part of the objective of creating attractive opportunities for investors.”