Businessmen and corporate officials in Dubai have presented a range of proposals that will stimulate the economy, facilitate businesses and reduce the cost of business.
They proposed, through Emirates Today, to establish a “think tank”, a mix of businessmen and consulting firms, and that this council will conduct brainstorming sessions from time to time.
Activate markets by organizing events and festivals
Al Ansari Exchange Chairman Mohammed Al Ansari said Dubai has a solid base of state-of-the-art services, which is a strong foundation for enhancing the private sector’s ability to grow and sustain business.
He pointed out that the government has invested effectively in its services and has strengthened its presence as a supporter of the private sector and companies during the past years so far.
Al Ansari said that the local economy is facing the challenges of the world economy itself, and this is a normal economic cycle that quickly pass and end to another active cycle, pointing out that the private sector, especially the retail sector, may now need to revitalize markets, Through the provision of commercial incentives in the markets, organizing events and festivals, and the exploitation of public events, to provide discounts and incentives.
Al Ansari expressed his optimism about the remarkable activity in the markets during the second half of this year. The various economic sectors are expected to improve, including retail, real estate, tourism and travel. He stressed that the continuation of current projects is positive, Which is undergoing a period of decline, being linked to the developments in the global economy.
Al Ansari stressed that there is an urgent need to stimulate new initiatives from the private sector and the retail sector, especially with regard to organizing events and festivals, and supporting initiatives that stimulate demand for aviation, tourism and hotels.
He said the government has come a long way, created an investment-stimulating infrastructure and helped entrepreneurs with initiatives that promote sustainability and economic competitiveness. The move must now be made by the private sector, individually or collectively, to accomplish other initiatives that are supportive and with the same strength. On which the government’s initiatives came.
They also suggested opening days for open shopping to support the retail sector, as is the case in cities such as the Japanese capital Tokyo, stressing that enhancing investment attractiveness in the domestic market is a matter for everyone to cooperate on, in order to provide the highest global business requirements and standards. .
He called on businessmen to enact legislation that compels companies to follow the standards of good governance, which is in the interest of the emirate’s economy before the company, as well as more specialization in resolving commercial disputes, stressing that specialization will give room for faster solutions to these conflicts. They stressed the importance of finding sources of funding for small companies away from banks, not restricting financing operations to companies operating under the umbrella of supporting institutions, and monitoring the implementation of decisions, as well as the consolidation of some similar fees with each other.
Council of ideas
“The package of initiatives launched recently by Dubai to stimulate the economy this year is very good for business,” said Salim Ahmed Al Mousa, Chairman of Falcon City of Wonders.
He proposed several ideas, most notably the establishment of a “brainstorming board” such as the Mohammed bin Rashid Intelligent Council, a mix of businessmen and consulting firms with a number of young people. The council would brainstorm sessions from time to time to provide solutions Anticipating challenges not only at the perceived level, but also in the long term.
In addition to the suggestions of the local economic circles, the proposals of businessmen from all sectors should be heard to convey the full picture of economic sectors and the challenges that could be borne by financial burdens due to certain reasons, adding that more joint efforts Between both parties, can solve many problems.
He stressed that the Government of Dubai spares no effort in overcoming the obstacles to investors, but it must be followed up always, so that the emirate maintains the continuity of business success.
Al-Mousa suggested allocating days for open shopping to support the retail sector. Some of the city’s streets will be stopped during the holidays, and when the weather is good, to give the small shops a chance to work and give shoppers a chance to shop in the city streets, A city like Tokyo, Japan, operates every Saturday and Sunday.
Abdullah Abdul Rahim Al Fahim, a businessman, said that one of the challenges that we may face in the future as businessmen is in terms of corporate governance, whether small or large, demanding legislation that compels companies to follow good governance standards that benefit the economy. The emirate before the company, stressing that the reputation of companies and their performance, is the reputation of the city in them.
Al Fahim added that when companies have a stable system of standards, it will undoubtedly reflect the scale of the crimes that may be committed in this economic establishment or that are governed by individual performance, such as embezzlement or theft, indicating that the commitment to corporate governance from The economy can save many macro problems.
He pointed out that there are other proposals that could be in the interest of increasing the economic momentum in the Emirate of Dubai, the most important to go to more specialization in the resolution of commercial disputes, adding that specialization will give room for faster solutions to these conflicts, as there are many issues of trade extends For significant periods of time until they are resolved.
“The stimulus package launched by Dubai will contribute to further investment in the emirate,” said Sherif Kamel, Regional President, Levinas Business Centers Middle East and North Africa.
He pointed out that there are some things that can be raised and are working to increase the momentum of the business environment, including finding sources of financing for small companies away from banks, and not limited to financing companies operating under the umbrella of supporting institutions, but expand its base to include all small companies that have ideas Can contribute to the emirate’s direction.
Kamel pointed out that, in view of banks’ hedging against the financing of this sector, which is considered a vital sector, banks classify it as a high risk sector.
He ruled out that there would be negative effects of value added tax, pointing out that the number of companies that are launched in Dubai daily is not comparable with the number of companies that may have problems related to mismanagement.
Kamel said that those who could not succeed in Dubai can not succeed in any other city because the Emirate offers a fertile and secure environment for business.
He pointed out that the promotion of investment attractiveness in the domestic market is one of the issues that everyone must cooperate in order to provide the highest requirements and standards of doing business globally, stressing that small and medium enterprises should try to take advantage of more than the features offered by the emirate, which is not Located anywhere in the world.
Monitoring the implementation of decisions
“It is very important to monitor the implementation of decisions,” said Abdul Karim Al Fahim, chief executive officer of Stratum, an association management company. “There are employees who do not deal with the dynamics that the city is moving in as needed.
He suggested consolidating some similar fees with each other, facilitating companies and listening to them in the interests of the emirate and the private sector, stressing that more efforts are being made to support SMEs.
Banking and educational fees
Tariq Ramadan, chairman of Tharaa Holding, said: “Dubai has laid the groundwork for stimulating the economy and enhancing the market’s ability to grow through its announced initiatives.
He added that the exemption of companies from fines and irregularities, the development of a system to reduce the operating cost of the retail sector, and support the production and local purchase, positive steps have a significant impact on the movement of markets, noting that the infrastructure of the local economy will attract the best emerging companies, and encourage them to do business in Dubai.
The Government, with those initiatives, had laid the foundation that could affect growth positively, calling for continued stimulus initiatives.
Ramadan stressed the importance of reviewing some of the other operating costs that are indirectly related to the cost of business – bank fees, tuition fees and the cost of treatment, as well as the need to take steps to reduce rents on the retail sector, and help him to make profits to re-invest, to stimulate Local economy.
The global economy is in a recession, and it is difficult to control the effects of the weak global economy, but at the local level, the private sector can take action to ensure a recovery in the markets. While the application of the tax represents an important source of government revenues, which may be accompanied by a review of the cost of fees on services, and investment in infrastructure, which is one of the main catalysts of the local economy.
He added that there is a need to strengthen the efforts that address inflation indicators, especially in the sectors of education, health, retail and banking, and set controls on bank and school fees, stressing the importance of helping small companies start their business and ease the financial burden.