Officials and businessmen welcomed the adoption by the Council of Ministers under the leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of a strategic decision package to consolidate the competitiveness of the business environment in the country.
The most important of which is the abolition of the mandatory bank guarantee for the recruitment of workers and replacing them with a low-cost insurance system, and the return of 14 billion dirhams bank guarantees for the business sector. Officials and businessmen said the bank guarantee response would revive business and employment plans, expecting the business community to expect a significant rebound after Cabinet decisions.
Officials and businessmen stressed that decisions are keeping pace with changes as the key to achieving a sustainable economy. They are proactive steps that move the country to the more advanced levels. It is also an important addition to the government’s balance in facilitating investors and a significant shift in policy to protect the rights of workers and employees. Vitality and activity in all aspects of the economy.
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance, Government of Dubai, said that the UAE is keen to consolidate its competitiveness in all fields. The strategic decisions adopted by the Council of Ministers will stimulate the economy and encourage new investors to invest in the country. To pump more investment into the domestic market.
Which contributes to the economic recovery, especially as the new strategic decision package involves a lot of burden on investors and business owners. Keeping up with changes is an important key to achieving a sustainable economy.
Al Saleh praised the vital role played by the wise leadership in supporting the national economy, pointing out that these decisions will maintain the leading position of the state in various fields.
And among countries whose economies are innovative. He pointed out that the decisions are expected to consolidate the country’s status as a global destination for strong capital and creative minds, which will contribute to economic construction vertically and horizontally through the expansion of new business sectors and innovation in existing sectors
Sultan Butti Bin Mujrin, General Manager, Dubai Land Department, said: “The UAE has managed to maintain sustainable growth. Our government believes it is necessary to provide sufficient momentum to serve as a guarantee and safety valve to attract and support investors through smart plans.
He added that this is undoubtedly easy to achieve by facilitating business, and to review the laws and regulations from time to time according to the requirements of each stage and the current requirements, such as the strategic decisions adopted by the Council of Ministers to enhance the competitiveness of the national economy.
He said: “We have recently observed similar decisions, which means that our wise government is doing its job perfectly. The decisions can be classified as part of the proactive steps that will pave the way for a future stage in which we expect our country to move to the ranks of the most developed countries. Competition in all areas of life to be our economy the best and the first and most attractive to investors ».
Mohammed Sultan Al Qadi, Managing Director of RAK Properties, praised the decisions and emphasized its strong role in supporting the environment that stimulates economic growth.
“It is a valuable and important addition to the government’s balance of facilities for investors, employees, workers, visitors and anyone wishing to visit the UAE.”
It also contributes to maintaining the distinguished position of the state in the ease of doing business and the economic environment, especially as our national economy is based on flexibility and openness and keeping abreast of the changes, legislation and governmental procedures always keep pace with the needs of the economy.
He added that working to consolidate the competitiveness of the business environment in the country, and abolish the mandatory bank guarantee for the recruitment of workers, and replace them with a low-cost insurance system.
And the continuation of the policy of protecting workers’ rights, makes the UAE one of the first countries in the world to guarantee the salaries of private sector workers, the adoption of a temporary six-month temporary residence scheme for job seekers, and much more.
a big role
Dr. Khalid Omar Al Madfa, President of Sharjah Media City (Shams), praised the decisions and affirmed its role in promoting the UAE’s global position. The Government had always sought to be in first place in various fields.
And to achieve a prestigious international status worthy of it, and completed for many, and not strange to offer every day what amazes the world and provides an attractive environment and facilities for many investor, employee, worker, tourist and visitor, hence the decisions.
He added that the decisions represent a qualitative shift in the policy of protecting the rights of workers and employees, contribute to enhancing the investment environment, attracting more visitors and tourists, and attracting talent, which is a strategic project aimed at continuing the good government approach that focuses on providing the best working environment, For everyone.
Sameer Abdulhadi, founder and CEO of Samtec Middle East, said that the Cabinet’s decision under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Raising economic growth rates in various sectors.
“The UAE is always looking forward to stimulating the economy through innovative and innovative decisions and initiatives and is working to provide all means to attract various investors through many facilities for doing business,” said Abdul Hadi, commenting on the decision, pointing out that the recent decision will create greater job opportunities in the UAE and contribute to reducing Financial pressures on companies to a large extent.
He added that the government of the UAE is seeking every day to provide all facilities to investors, adding that the government’s decision to refund 14 billion dirhams deposited by the business sector as bank guarantees on employment will contribute to the revitalization of the labor movement in the country and the ability of companies to bring more labor needed to promote their projects.
Samet Middle East founder and CEO said that after these decisions, companies expect their business and employment plans to thrive comfortably and Saqq will develop long-term plans to suit the business environment that catalyzes its projects in the country.
Top of the indicator
“The decisions adopted by the Cabinet yesterday under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, confirm a number of important facts,” said Mowaffaq Ahmed Al Qaddah, The most important of these is that the leadership of the UAE is determined to rise to the competitiveness index to reach the first place in the world.
He added that those interested in these decisions of businessmen and investors will realize that the state is also keen to broadcast more vitality and activity in all joints of the economy, and in various sectors, especially tourism, trade and real estate.
Companies will benefit from these unprecedented facilities and the country will be able to attract more international companies looking to take the UAE and its various cities as headquarters for operations to serve the markets of the region.
He explained that liquidity, guarantees and guarantees of AED 14 billion were injected into the market to expand the private sector and cancel the value of the transit visa to help passengers enjoy their visit to the UAE, which attracts 90 million passengers through state airports.
He stressed that such decisions did not come overnight, but were the result of studies of the reality of the UAE and its status, in addition to comparing them with competing economies in the region and abroad.
Taking into account the ambitious aspirations of the state and the future strategies that have been revealed in the last few years, the leadership has realized the need to make qualitative changes to raise the various activities to a wider range of progress and prosperity.
“The new decisions reflect the pioneering vision of the UAE and its practical approaches to stimulating economic growth,” said Atif Rahman, Partner and General Manager, Danube Properties. The decision to cancel the AED 3,000 guarantee and inject 14 billion dirhams of cash into the economy’s arteries would help the private sector re-invest in its expansion and look for growth opportunities. ”
“The new procedures for obtaining entry and residence permits will support the tourism, hospitality, conference and exhibition sector, extend the stay of tourists within the country and contribute to the recovery of the real estate sector.
Where foreign investors will be relieved of visa concerns. The new procedures have facilitated stay in the country and visas, so we expect a large inflow of investment from around the world, as new measures have increased investor confidence. ”
“All this will contribute to raising the competitiveness of the national economy and its flexibility in dealing with changes, and will facilitate the performance of business and the establishment of companies, and we at Danube Real Estate consider this a great step.”
Omran Farouk, Chief Executive Officer of Samana Real Estate Development and Immigration Advisory Group, said: “The decision of the Cabinet of Ministers to replace the AED 3,000 guarantee is a type of insurance.
“Given Dubai’s pumping of AED 14 billion and AED 50 billion in Abu Dhabi, we can say that the UAE economy is on the verge of a new phase of improvement and regional competition.”
He added: “The new legislation will attract and maintain the professional competencies in the UAE, and ease the burden on investors, which leads them to re-investment and expansion of their projects, so we welcome these decisions.
“The recent decisions will change the current economic landscape,” said Sudhakar Rao, president of Gemini Real Estate Development Company. “The release of 14 billion dirhams of bank guarantees will help many companies develop their business. Enhance the ability of companies to attract customers and international visitors at a lower cost.
“We will certainly reflect the situation of exhibition and conference companies, which will enhance tourism flows until 2020.” He added that the recent measures will restore health to companies and to the overall economy.
Quality of services
“The new decisions contribute to raising competitiveness and quality of local services and products by reducing the operating cost and flexibility of maintaining distinctive skills within the country,” said Saleh Tabakh, spokesman for Tanmiyat, CEO of Delta International Real Estate.
He added that the timing of the decision is very important and comes after other important decisions related to granting investors long-term residence, encouraging international companies to give them the opportunity to fully own their companies, and clearly the government’s tendency to increase domestic competitiveness.
At the same time, the private sector is supporting the global competition, which confirms the vision of the state on equality and motivates private companies to remain competitive. This will increase the quality of local services and products and will open the door to encourage companies to employ comfortably and reduce the operating cost very much.
Opportunities for development
Fairuz Merchant, philanthropist and founder and chairman of Pure Gold Group, said:
«The new visa laws approved by the Council of Ministers to contribute to the establishment of the state as a highly competitive economy and provide professionals and workers with greater opportunities for development and achieve the well-being they aspire to. These laws will result in enhancing the state’s ability to reach the best skills, especially young ones, as well as facilitating business. ”
He added that the new laws are distinguished by their human nature, because they allow those who have exceeded the permitted period of residence a new opportunity to settle their situation. It also facilitates the transfer of visas, raises the burdens of many and raises the overall positive levels of the country.
The new laws play a comprehensive role in boosting the economy, especially for transit tourists, which will drive tourism, hospitality, consumer goods, retail and retail.
Push the economy
Ali Salem Al Mazroua, Chairman of Al Mazroua Group, said that the decisions are aimed at boosting the economy by reducing the cost of doing business as well as providing more support to companies operating in addition to attracting more investments in all sectors, especially in the hotel and tourism sector. More momentum, prosperity and development.
He pointed out that the UAE has succeeded in enhancing its competitive position through the availability of advanced infrastructure, modern facilities and facilities provided to investors as well as free zones that provide facilities and speed of business completion and other features. These wise decisions will witness an increase in attracting foreign investors and companies to the UAE.
He pointed out that these decisions will motivate investors to inject more investment in all projects, especially hotels, by providing attractive investment opportunities for both hotel operators and developers, where the hospitality sector results in a positive balance between supply and demand.
Noting that all the new decisions approved by the Council of Ministers, especially with regard to ownership in investment 100% for global investors and 10 years residence for investors and talents and exemption from late fees for some holders of commercial licenses of all kinds and reduce fees for services and the use of smart technology in all transactions.
All this will contribute to the advancement of investment in the state and promote real estate activity and push the national economy to the global and competitive in all sectors.
Ahmed Al Hashemi, a businessman and manufacturer of Al Ittihad Chemical Company, said that the recent cabinet decisions have exceeded our expectations and are a confirmation of the UAE’s efforts to make the UAE the best environment for regional and global business.
Noting that the abolition of the mandatory bank guarantee will contribute to alleviate the heavy burdens on companies and push them towards further expansion and employment of new workers to support their activities and work, and the adoption of a number of economic and legislative packages that will drive economic growth and improve and encourage the investment environment in the country.
He added that these packages would make the country the most appropriate and most important destination for international companies thanks to facilities, security, stability, laws, legislation and resolutions that encourage investors.
The renewal of accommodation for tourists and visitors without the need to leave the country is an important boost for the tourism sector in the country. This will be reflected in the high number of visitors and tourists coming to the UAE. They will also invest in hotels, markets, retail, transport and other sectors.
The world’s first
Ahmed Sultan Abdullah Al Ali, a businessman, said that the decisions will send more vitality to all sectors of the economy, especially tourism, trade and real estate, which will expand private sector activity and attract more investors to invest in the UAE. .
The Council of Ministers adopted a set of strategic decisions to consolidate the business environment, including the abolition of mandatory bank guarantee for the introduction of labor and replace it with a low-cost insurance system and the return of 14 billion dirhams bank guarantees for the business sector.
Under the new system, a new insurance product was introduced for the categories of workers provided through the insurance companies operating in the country. The insurance cost of labor is 60 dirhams per year in exchange for canceling the mandatory bank guarantee deposit of 3000 dirhams per worker.
The newly created system is a strategic shift and a qualitative shift in the UAE’s labor rights protection policy to be one of the first countries in the world to guarantee the salaries of private sector workers. The system will also reduce labor costs and ease the burden on employers.
The new system will allow businesses to recover approximately AED 14 billion, representing the value of current guarantees paid by employers, which will enable them to invest these amounts optimally in the development of their business.
The Council of Ministers has also adopted a package of facilities with regard to residency procedures for visitors and residents of the country. It adopted a system of granting temporary residence without charge for 6 months for violators seeking work, in addition to exempting tourists from all fees for the first 48 hours.
MEED: The UAE continues to raise its global competitiveness by making qualitative decisions
The UAE has continued to raise and improve its competitiveness through a number of initiatives in the past few weeks after the Cabinet approved changes in the Companies Law, extended periods of stay and workers’ insurance. The fines were imposed on companies in each emirate. The reduction of tourist fees, and a decision not to raise school fees.
All these measures aim to raise the economy’s efficiency and competitiveness amid fears of rising costs of doing business and accommodation.
In terms of government spending, Abu Dhabi announced a 50 billion dirham stimulus package with infrastructure and corporate infrastructure plans that will improve the efficiency and competitiveness of the emirate’s economy. The private sector also responds to market challenges by reducing rents. The reduction of rents and fees came in response to the demands of the business community in the country.
MEED said that the measures taken by the UAE government will continue to raise the UAE’s competitiveness and competitiveness, which is basically high, according to MEED magazine. The recent government decisions have been widely welcomed by the world media and have seen that the UAE government is keeping up with creative initiatives.