The latest initiative to promote entrepreneurship in Dubai, announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council, has drawn appreciation from the business community.
The initiative is thought to be a milestone in the fast transition of the emirate into a world-class start-up ecosystem.
Sheikh Hamdan issued a fresh directive to reduce the government procedures required to 30 percent when starting on a business.
The Chairman and Managing Director of Aster DM Healthcare, Dr. Azad Moopen said the whole investor fraternity is excited about the fresh initiative.
“This move helps Dubai reinforce its top position in ease of doing business rankings in Mena, underscores the philosophy of Dubai’s leadership that there is no finishing line in the race for excellence,” he said.
The Founder and Chairman of Sobha Group, PNC Menon said that the business community is proud of this great initiative from our visionary leadership, and that Dubai’s resilience, preparedness for crisis, and readiness for change will always position it as an attractive place to live and work.
The Chairman of Joyalukkas Group, Joy Alukkas, spoke to the media and said “This will encourage homegrown businesses, international investors and aspiring entrepreneurs to take advantage of the limitless opportunities that 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, the Chairman of Nikai Group, Faizal Kottikollon, the Chairman of KEF Holding, Ram Buxani, Chairman of ITL-Cosmos Group, Kamal Vachani, Group Director and Partner at Al Maya Group, Adeeb Ahamed, Managing Director of Lulu Financial Holdings, Suresh Kumar, Chairman of the IBPC Board, were among the many who hailed the new initiative.
Dubai’s entrepreneurial ecosystem has been excelling that of other global cities, owing to spate of pro-investor reforms and innovative ideas and programmes over the past few decades, noted analysts, welcoming the move.
Dubai’s stimulus initiatives totalled Dh.7.1bn over five packages. The UAE provided total of Dh.395bn as financial support for entrepreneurs to tide over the pandemic challenges.
