Dubai is reducing the amount of government-related procedures businesses face by 30 per cent over the next three months in an effort to improve operating conditions in the emirate, Crown Prince Sheikh Hamdan bin Mohammed said on Wednesday.
The move is a part of Dubai's efforts to reduce the cost of doing business, Sheikh Hamdan said after a meeting to review steps being taken to support the private sector.
“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.
Promoting partnerships with the private sector is a key objective of Dubai's government, Sheikh Hamdan said.
The emirate is also planning to grant the private sector more access to government projects.
"Dubai’s public and private sectors have a longstanding partnership, and as part of expanding its scope, we are seeking to grant the private sector more access to government projects. We will also continue efforts to further enhance Dubai’s business environment and investment attractiveness," the Crown Prince tweeted.
Dubai, the commercial and the tourism hub of the Middle East, has introduced various measures to improve the emirate's business environment and enhance its attractiveness to investors.
It has so far rolled out stimulus packages worth Dh7.1 billion ($1.93bn) to support its economy and minimise the impact of the pandemic on businesses and individuals.
The emirate’s economy is forecast to expand 4 per cent in 2021, according to government projections released in December.
Earlier this year, the government also launched Invest in Dubai, a platform offering advice and tools to investors looking to set up a business in the emirate.
"Government flexibility and efficiency are key to attracting businesses and enhancing the investment environment," Sheikh Hamdan said.
"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."
Dubai's success in curbing the pandemic has also led to more foreign investments.
Last year, the emirate attracted Dh24.7bn ($6.7bn) in foreign direct investment in 2020 through 455 projects, according to data from the Dubai FDI Monitor. The inbound FDI created an estimated 18,325 new jobs in the emirate last year.