Sheikh Hamdan simplifies rules for private businesses in Dubai

Crown Prince of Dubai and Chairman of The Executive Council of Dubai Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum on Wednesday issued directives to reduce government procedures for doing business by 30%.

The move is part of efforts to reduce the cost of doing business and further boost economic growth in the emirate as part of the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum to consolidate Dubai’s status as a global investment and business destination. The directives will be implemented within the next three months.

Sheikh Hamdan issued the directives 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 attended by senior officials of relevant government entities, reviewed ways to support the private sector in the current environment. The move is the latest in a series of initiatives that have included the introduction of several stimulus packages to enhance the sustainability of businesses.

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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.

Sheikh Hamdan said Dubai will continue to help the business sector overcome any impact from the current situation and unlock new growth opportunities , in addition to launching new initiatives that can accelerate recovery. “Under the guidance of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, we have made significant progress in strengthening Dubai’s economic recovery. Normal life has resumed and the increased stability of businesses will help raise the sustainability of Dubai’s economy. We are determined to further support businesses and deepen the confidence of investors as part of ensuring a win-win partnership,” he said.

Highlighting the strong partnership between the public and private sector, Sheikh Hamdan said: “Government flexibility and efficiency are key to attracting businesses and enhancing the investment environment. The streamlined procedures followed by Dubai Government have further reinforced its position as a leader in ease of business as well as an entrepreneurial hub and an incubator for promising business ventures. We will continue to work on unlocking new opportunities for businesses and investors to help them grow. Promoting partnerships with the private sector is a key strategic objective for Dubai. As a key stakeholder in Dubai’s development, the private sector is a critical partner for government projects. Our efforts will ensure that Dubai continues to be the leading investment destination in the region.”

The move to reduce government procedures for doing business by 30% is part of strategic initiatives to accelerate economic recovery and enhance Dubai’s status as a business hub. This move complements the ‘Invest in Dubai’ platform launched last February by His Highness Sheikh Mohammed Bin Rashid Al Maktoum to enable investors to obtain trade licences and launch their business in only a few minutes. The centralised portal offers commercial licensing services as part of which government permits and approvals can be obtained without the need to visit any service centre.

Dubai’s wide-ranging support measures since the onset of the pandemic, especially its five stimulus packages worth Dhs7.1 billion, helped the private sector ease financial pressures and reduce operating costs and ensure the impact of the pandemic did not translate into long-term challenges.

EDB closes $750m five-year bond: Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, has succesfully closed its $750 million five-year bond issue, priced at a fixed re-offer yield of 1.639 per cent per annum in the Regulation S markets.

This was the second USD transaction issued under EDB’s $3 billion Euro Medium Term Note (EMTN) programme part of the bank’s mandate to boost its accessibility to capital markets and strengthen its funding profile.

The bond issue follows EDB receiving ‘AA-’ long-term issuer credit ratings with Outlook Stable by S&P Global Ratings and Fitch. The bank’s $3bn EMTN programme has been assigned a ‘AA-’ issuer rating by Fitch. The ratings are a major endorsement of EDB’s new strategic mandate to support the UAE’s economic diversification plan.

The bond issue received a strong investor appetite, resulting in the order book reaching over US$3 billion (4 times oversubscription). EDB also announced that it hosted virtual roadshows for local, regional and international investors as part of its outreach on the transaction.