Life for Dubai’s small and
medium business community is about to get a little easier.
Sheikh Mohammed bin Rashid,
Vice President and Ruler of Dubai, yesterday issued amendments to the law on
Dubai SME to help develop the sector.
One of the changes relates to
Emiratis. It states all entities owned by the Government of Dubai, or in which
it has ownership of more than 25 per cent, are committed to exempting Emirati
entrepreneurs from any registration fees for being a preferred supplier and
allocating 10 per cent of purchases to Emiratis.
"Obviously these
amendments cope with the envisaged role of SMEs not merely to contribute to the
GDP but also to the innovation and sophistication of Dubai," said a
statement from the Secretariat General of Dubai Economic Council.
The new law deals directly
with members of Dubai SME, an arm of the Department of Economic Development,
mandated to develop and support the small and medium enterprises sector in
Dubai. It allocates 5 per cent of retail space for outlets owned by Dubai SME
members; gives priority to bids submitted by Dubai SME members; and offers a
minimum 20 per cent reduction on rentals to Dubai SME members during the first
three years of the lease.
The amendments also allow
Dubai SME to issue licences to members, provided they pay an annual fee of
Dh1,000 for the first three years of the licence, and Dh2,000 a year for the
fourth and fifth years.
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