Search DubaiPRNetwork.com

Home >> Banking & Investments

Jafza to Waive Aed 35 Million in Fines

Jafza to Waive Aed 35 Million in Fines

Sunday, May 19, 2019/ Editor -  

Share

Home >> Banking & Investments

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.


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

MoHAP Organizes in Cooperation with Majid Al Futtaim an Awareness Campaign on th ...

“5G and digital transformation in the Energy Sector will bring immense opportuni ...

IACAD Issues A Book To Estimate Prayer and Fasting Times for the UAE's Internati ...

Admiral AC-One 45 Chronograph Bronze

Expo Sharjah gears up for 47th Watch & Jewellery Middle East Show

GITEX Technology Week and GITEX Future Stars to show how next-gen technologies a ...

UAE investors set to inject US$10 billion into Bangladesh economy

Portuguese Secretary of State for Energy Visits Noor Abu Dhabi Solar Plant

Region's Largest Gas & Oil Technology Showcase and Conference Back for 3rd Year

Materials Handling Middle East racks up 12% visitor turnout for 10th edition

Top 10 Stage Finish Keeps Pogacar in Gc Contention at the Vuelta a Espana

Twelve Majid Al Futtaim shopping malls to participate in 11th annual ‘Feel the B ...

Union Coop Signs a contract with AL Aber contracting to construct Umm Al Quwain ...

BMW at the IAA Cars 2019 in Frankfurt

'Al Wahda Mall to welcome THE DEAL'

Planetarium show by Lulu Group at Mushrif Mall this weekend

Year of Tolerance Art Exhibition by 2XL Furniture & Home Décor Opens with a Gran ...

Turkish Airlines named 2020 Five Star Global Airline at APEX Awards

ENEC and TENEX renew MoU

Ginger signs a new hotel in Candolim, GOA