Sheikh Hamdan approves Dhs1b initiatives, says UAE poised for better future
- Last updated: March 30, 2026 | 22:01 ..
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, approved a series of initiatives and strategies empowering individuals and society, promoting trade and investment, enhancing means of measuring economic performance, and safeguarding the workforce, as the Council met in his presence.
The meeting accorded approvals to five key projects and initiatives: Dhs1 billion in economic incentives for Dubai's economy and society at large; results underlining Dubai’s economic growth during the fourth quarter of 2025, along with an updated methodology for measuring the emirate’s GDP; the Virtual Warehouses Initiative; the Dubai Empowerment Strategy; and the Health and Safety Strategy for Workers' Accommodation.
The decisions align with the vision of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Sheikh Hamdan said, "Under the visionary leadership of His Highness Sheikh Mohamed Bin Zayed and His Highness Sheikh Mohammed Bin Rashid, and with the determination of its people and an open, inclusive society, the UAE is well-positioned for a better future.”
He emphasised that the UAE has established a global benchmark for cities that is built upon clear vision and sound policy.
PRACTICAL SUPPORT
"Dubai has earned a reputation for credibility, transparency, and trust among businesses and investors worldwide, and stands ready to meet any challenge through the determination of its people and the strength of its inclusive society,” he added.
Sheikh Hamdan said the measures approved at the meeting reflect Dubai’s commitment to providing practical support to individuals, families, and businesses.
The meeting was attended by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, Second Deputy Ruler of Dubai.
A set of economic incentives totalling Dhs1 billion will be implemented over a period of three to six months starting from April 1, 2026.
The initiative is designed to ease financial pressures on businesses and individuals across various sectors. It includes the deferral of a range of government fees for three months including measures allowing hotels to postpone paying 100% of the sales fees and Tourism Dirham for three months to enhance liquidity in the hospitality and tourism sectors.
Customs data grace periods will be extended from 30 to 90 days with the possibility of further extension and full compliance with the applicable tax legislation. The initiative will also streamline the issuing and renewing of residency permits, making it easier for talent to live and work in Dubai.
The Executive Council approved the results of Dubai’s economic performance for the fourth quarter of 2025, during which the emirate reported 6.4 per cent growth. For the full year, Dubai’s GDP grew by 5.4 per cent, reaching Dhs937 billion.
The Council also endorsed a comprehensive update to the methodology for measuring Dubai’s GDP. The updated approach expands the scope of economic surveys, broadens statistical coverage to more accurately represent all economic activities, and introduces more comprehensive databases that better reflect actual performance.
The Executive Council approved the Virtual Warehouses Initiative, which is overseen by Dubai Customs.
In its first phase, the initiative will facilitate temporary imports into Dubai to ensure the smooth flow of goods, including artwork. Under a new temporary admission declaration, the scheme exempts imports of artwork from customs duties and financial guarantees and suspends duties on private artworks for three years.
It also removes geographical restrictions, simplifies time extensions, and introduces virtual copies of artworks for continuous high-tech tracking. This builds upon Dubai Customs’ ‘Art Flow’ pilot project, providing significant financial and procedural advantages.
By streamlining the entry of high-value artworks, the initiative cements Dubai’s status as a leading global centre in this field and offers specialised solutions tailored for high-net-worth individuals.
The Dubai Empowerment Strategy was approved by The Executive Council and is supervised by the Community Development Authority. It is closely aligned with the Dubai Social Agenda 33 and builds on the achievements of the Dubai Empowerment Programme, which has already supported 1,200 young Emiratis, created more than 7,000 job opportunities, and engaged over 400 partner entities across various sectors.
The strategy is designed to raise living standards, strengthen financial stability, promote sustainable employment, and foster social cohesion among Emirati families. It takes a dual-track approach that provides tailored support for both job seekers and individuals pursuing home-based entrepreneurship. Cross-sector partnerships between government, businesses, and community organisations are at the heart of the strategy.
The meeting also approved the Health and Safety Strategy for Workers’ Accommodations. This strategy is a major step towards improving living and working conditions for workers across Dubai.
WAM