His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued in his capacity as Ruler of Dubai a decree exempting companies operating in Dubai from fines imposed on them for not renewing their licences on time. The exemption includes companies operating in special development districts and free zones.
Only companies that will rectify their status before the grace period ending June 2010 will be exempted from the fine.
The move is part of Sheikh Mohammed's sustained support for the business community in Dubai. It underlines his keenness to find effective alternatives and solutions to spur business activities in a positive way.
The decree boosts Dubai Government's strategy to help companies set their house in order through reducing financial burdens imposed on them by government fees on renewal or cancellation of permits.
The decree takes effects from the date of issue.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.