The UAE currently ranks 11th in the World Bank’s Ease of Doing Business and Dubai’s JAFZA (Jebel Ali Free Zone) has played an important role in this positive rating. This free zone continues to be a leading source of Foreign Direct Investment and accounts for nearly 24 percent of Dubai’s total yearly inflow.
In commemoration of the UAE government’s designation of 2019 as the ‘Year of Tolerance’, JAFZA has announced that it will waive an estimated UAE Dirhams 35 Million in fines owed by its customers. The waiver of fines will also support the UAE government’s goal of further enhancing its Ease of Doing Business rating and incentivizing new companies and investors who consider their operations in the Middle East.
This initiative is also expected to impact Dubai’s economy positively as these funds will now allow firms to increase investment in their operations and help them grow. JAFZA not only wants to promote tolerance but also help and support the communities it serves.