Jafza to Waive Aed 35 Million in Fines
The GCC’s Leading Free Zone Takes a Bold Step to Celebrate Year of Tolerance
Dubai, United Arab Emirates, 19 May 2019: Jebel Ali Free Zone (Jafza), the Middle East’s leading special economic zone and key growth engine of Dubai’s economy, has announced it will waive an estimated AED 35 million in fines owed by its customers, in commemoration of the UAE Government’s designation of 2019 as the Year of Tolerance.
Jafza’s decision to waive fines is an initiative that aligns strongly not only with the UAE government’s goals for promoting tolerance but also with the company’s broader goals to support the communities it serves.
Sultan Ahmed Bin Sulayem Chairman of the Ports, Customs and Free Zone Corporation and the Jebel Ali Free Zone Authority said: “His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, designated 2019 as the Year of Tolerance. The values enshrined in this initiative align closely with our values and principles. We are therefore proud to support the government in its efforts to promote the UAE as a leading example of how people from many different cultures can live and work together in harmony.”
Bin Sulayem added: “Jafza has always placed its customers’ needs as its highest priority, and this is one of many initiatives to create a business environment that promotes growth and reduces costs. We will continue to push the boundaries of innovation and to develop the world-class solutions and services that our clients have come to expect.”
In addition to promoting the Year of Tolerance, this initiative is also expected to impact Dubai’s economy positively, as these funds will now allow firms to increase investment in their operations and help them grow.
The waiver of fines will support the UAE government’s goal of further enhancing its Ease of Doing Business rating, incentivising new companies and investors considering operations in the Middle East. The UAE currently ranks 11th in the World Bank’s Ease of Doing Business ranking, and Jafza has played a vital role in this positive rating. The free zone continues to be a leading source of foreign direct investment (FDI), accounting for nearly 24 per cent of Dubai’s total yearly inflow.
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