Dubai ready to launch second phase of economic incentives to attract foreign investment

Dubai is reportedly preparing to launch a second phase of incentives and measures in September to attract more foreign investment.

The plan to reduce cost of doing business, stimulate economic growth and boost the emirate’s gross domestic product was announced by Dr Raed Safadi, chief economic adviser, Department of Economic Development in Dubai.

He said in comments published by Dubai-based Khaleej Times that the new set of measures would benefit all.

“For 2018, growth above 3 percent is the objective; we’re working on another basket of initiatives which will be announced in September and by then, the impact of the first package will also be felt,” he was quoted as saying.

Dubai previously announced a raft of measures in the last few months such as reducing municipality fees, waiving penalties and fines, payment for licence renewal in installments and the freezing of school fees for 2018-19.

On a federal level, the UAE also announced 100 percent foreign ownership in onshore entities and a 10-year-visa for professionals and investors.

Safadi was quoted as saying that the new measures are aimed at continuing the push to accelerate the economy’s growth but declined to elaborate on details.

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