The Government of Dubai has extended the five-year exemption granted to Emirati members of Dubai SME under Article No. (10) of Law No. (23) of 2009 to seven years, following the orders of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council. The decision is one of a series of actions aimed at assisting entrepreneurs and their businesses in fully overcoming the hurdles posed by the global COVID-19 outbreak and focusing on their growth without worrying about cash flow. Sheikh Hamdan praised the role of SMEs in continuing to develop new opportunities and presenting the UAE as a robust economy and worldwide hub for entrepreneurial breakthroughs. “Creating an exceptionally competitive and flexible landscape for SMEs is an integral part of His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s vision to elevate Dubai’s status as a global hub for entrepreneurial innovation, while also consolidating our rich entrepreneurial traditions into a catalyst for economic diversification and sustainable economic growth,” Sheikh Hamdan added.
Small and medium-sized businesses (SMEs) account for approximately 95% of all businesses in Dubai, employing 42% of the workforce and accounting for roughly 40% of the emirate’s GDP. Extending the fee waiver follows a series of incentives and assistance provided by Dubai SME in response to a government instruction to guarantee company continuity during the epidemic period and following preventive measures. The most recent exception will benefit SMEs who have been unable to take advantage of incentives and assistance due to business activity restrictions over the last two years.