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Amid all the challenges being faced by the global economy, Dubai has ensured that businesses are amply supported with several initiatives and kick-starters.
‘Easy’ does it for businesses in Dubai
Dubai - Sheikh Hamdan's latest initiative to boost entrepreneurship draws praise from industry leaders
The latest Dubai initiative to promote entrepreneurship by further enhancing its ease of doing environment drew praise from the business community, which hailed the move as a milestone in the emirate’s fast transition to a world-class startup ecosystem.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, issued new directives to reduce the government procedures to start a business by 30 per cent.
Dr Azad Moopen, chairman and managing director of Aster DM Healthcare, said the whole investor fraternity is excited about the new initiative. “This move, while helping Dubai reinforce its top position in ease of doing business rankings in Mena, also underscores the philosophy of Dubai’s leadership that there is no finishing line in the race for excellence,” he added.
PNC Menon, founder and chairman of Sobha Group, said the business community is proud of another great initiative from our visionary leadership. “Dubai’s resilience, crisis preparedness and readiness for change will continue to position it as an attractive place to live and work.”
Joy Alukkas, chairman of Joyalukkas Group, said the latest Dubai initiate simplifies the procedural, regulatory and legal framework for businesses. “This will encourage homegrown businesses, international investors and aspiring entrepreneurs to take advantage of the limitless opportunities Dubai has to offer. I believe the platform is now set for Dubai to emerge as the global hub for startups and businesses.”
Paras Shahdadpuri, chairman of Nikai Group, said the initiative is the latest in a string of reforms to make an already efficient business ecosystem more efficient. “One cannot ask for more. I have personal information that many HNIs from Europe and the sub-continent are seriously considering setting up a base here after seeing how successfully the UAE has handled the Covid crisis.”
Faizal Kottikollon, chairman of KEF Holding, said the easing of procedures would help further strengthen Dubai’s position as a preferred global investment hub. “The move aligns with the vision of the leadership in providing an ideal supportive entrepreneurial ecosystem, and will help boost investor confidence and act as a catalyst to boost FDI flow.”
Ram Buxani, chairman of ITL-Cosmos Group, said the new directives coming from the Crown Prince proves that the younger generation of leadership is equally concerned about simplifying procedures that make Dubai a destination of choice for investors. “The way the UAE has handled Covid-19 crisis is quite unparalleled and has helped the nation bounce back to normalcy at a faster pace, encouraging foreign investors to shift to Dubai.”
Kamal Vachani, group director and partner at Al Maya Group, said the further easing of procedure would definitely accelerate the pace of Dubai’s recovery, which has consistently outperformed expectations despite the pandemic. “This move will further boost investors’ confidence and attract a stronger FDI flow.”
Adeeb Ahamed, managing director of Lulu Financial Holdings, said the global business community has increasingly come to find Dubai as an attractive and safe destination. “The emirate’s inherent strengths complement its private sector friendly ecosystem, and the latest announcement to will help attract new foreign investors while boosting Dubai’s standing among new and existing foreign investors looking for a reliable hub for their operations.”
Suresh Kumar, chairman of the IBPC board, said the initiative illustrates yet another excellent endeavour by Dubai to enhance the ease of doing business while continuously staying cost-competitive. “Dubai is already numero uno in the regional competitiveness ranking. The day will soon dawn when Dubai tops the global ranking.”
Siddharth Balachandran, executive chairman and CEO of Buimerc Corporation and chairman of India Club, said the latest initiative is among a slew of path-breaking reform rolled out by Dubai. “This will truly enhance productivity and unleash a new wave of quality entrepreneurs from all over the world… truly world-class, in intent and execution.”
Welcoming the move, analysts noted that Dubai’s entrepreneurial ecosystem has been excelling that of other global cities thanks to a spate of pro-investor reforms and innovative ideas and programmes over the past several decades.
Dubai’s stimulus efforts totalled Dh7.1 billion over five packages. The UAE as a whole provided a total of Dh395 billion in financial support for entrepreneurs to tide over the pandemic challenges.
— issacjohn@khaleejtimes.com
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