Sunday 04 December 2022 - 2:35:47 am

Local Press: Dubai reinforces commitment to economy in need

DUBAI, 11th March, 2021 (WAM) -- "Government of Dubai has reiterated its commitment to safeguarding the interests of the economy, especially its non-oil economy led by the private sector by extending the freeze on various government fees until 2023," noted a UAE daily.

In an editorial on Thursday, Gulf News said, "A three-year freeze on government fees was originally announced in March 2018. In view of the current economic conditions, and the need to preserve the competitiveness of Dubai’s economy, the freeze on fees has been extended by another two years. In addition to the extension of the fee freeze, no new fees will be imposed, except in the case of the introduction of new vital services."

The paper continued, "While the moratorium on government fees will come at a significant revenue loss to the government, it demonstrates the government’s willingness to stand by private sector that is the backbone of Dubai’s economy.

"The move is sure to boost economic competitiveness and business confidence in the emirate, and also seeks to strengthen Dubai’s ability to adapt to changing market realities, accelerate the pace post-pandemic economic recovery.

"Historically, Dubai has never hesitated in introducing policy reforms and support measures for the economy and entrepreneurs in the face of both regional and global economic headwinds."

The UAE and Dubai have been in the forefront of supporting the businesses from the early days of COVID-19 crisis, when it became apparent that the economy and key business sectors are likely to face unprecedented impact from the economic disruption, the daily pointed out.

The extension of the government fee freeze, it said, complements the five economic stimulus packages launched by Dubai since March 2020 with the aim of helping businesses tide over the repercussions of the pandemic.

The newspaper continued, "During the period between March 2020 and February this year, Dubai launched wide-ranging support measures worth AED7.1 billion that ensured that the short-term impact of COVID-19 did not translate into long-term economic damage on people and businesses.

"Since the onset of the COVID-19 pandemic, Dubai has responded with swift and effective health measures and economic support initiatives that protected lives and livelihoods.

Forecasts by various agencies such as the IMF, World Bank, Institute of International Finance and leading credit rating agencies see that in contrast to the sharp short-term dip in economic growth in 2020 will be followed by a gradual, yet a steady recovery from this year," Gulf News noted.

The Dubai-based daily concluded by saying, "The UAE, being one of the most open economies in the region, has been susceptible to global economic events. The government’s initiatives in treating private sector as a true partner in its economic revival strategy is sure to yield positive results in post-COVID economic rebound."

WAM/Rola Alghoul/Binsal AbdulKader