Dubai is a city of dreams. The mainland is home to a resilient, hardworking population contributing to its transformation into a commercial/ tourist hub of the world. While global business and trade were severely affected by the COVID -19 pandemic, Dubai succeeded in protecting its people and their livelihood by adopting the right measures in curbing down the global disaster. If anything, the exceptional policies adopted by the officials have resulted in the robust growth of its economy, adding its commercial sector to develop exceptionally well during the pandemic. Dubai’s efficient management of the COVID -19 pandemic along with the city’s business favorable environment has made it a safe haven for investors and entrepreneurs worldwide with more and more people set to make Dubai their home.
Below given are a few steps that were undertaken by the Dubai government to assist the business sector during the pandemic:
- Dubai’s efficient response to the COVID -19 pandemic has been applauded globally with the city implementing Safe Distancing Rules and National Disinfection Programme as early as March of 2020, resulting in fewer infection rates and transmission cases.
- Dubai officials took utmost care in protecting not only people’s lives but also their livelihood by introducing fiscal/ economic stimulus packages of around 77 billion dollars including supportive measures such as tax reduction, credit guarantee, and water/ electricity subsidies.
- The business-favorable reforms equipped SMEs and Startups to thrive even amidst the pandemic, increasing the licensing activities to a record-breaking level.
- The Hospitality sector of Dubai made a remarkable comeback due to the thought-out policies of the government, with the efficient tackling of COVID-19 helping the tourism and real-estate sectors to thrive.
- Dubai opened itself to the world with economic summits and conferences, attracting foreign investors and brands to the city, ensuring the growth of the business sector. According to an article by the National News, almost 246 investment companies found their location in the city, contributing to an 80 percent annual growth.
- The Targeted Economic Support Scheme (TESS) of the Central Bank helped corporate owners and lenders alike.
- Dubai government also took measures to ease down the cost of business, reduced customs duties, and decreased tax penalties.
- The proper vaccination rollout is undertaken with a goal to fully vaccinate its citizen by the end of 2021 which now has surpassed its halfway milestone. This, along with the Efficient precautionary measures has consequently led Dubai to open its borders, welcoming tourists and workers alike into the city.
All these measures have inarguably favored the growth of Dubai’s economy, attracting investors and entrepreneurs from all over the world towards the city, despite the global pandemic. The multicultural city is the most sought-out location to work and live, the world-standard schools, day-cares, and hospitals making the city a perfect home for millions. Moreover, the city is renowned for its inclusiveness, equality, and security and now that and more people are making Dubai their home, an ever-increasing growth in commercial, real-estate sectors is to be expected.
Starting a business in Dubai is definitely a safe idea with the right knowledge about the recent trends and updated regulations of the city. For the past 17 years, Flying Colour Business Setup has been helping clients set up their businesses in an easy and hassle-free manner. Please feel free to mail your queries at firstname.lastname@example.org or contact us at +971 4 4542366.