Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
Jafza to Waive Aed 35 Million in Fines
 
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.


Posted by : Dubai PR Network Editorial Team
Viewed 6832 times
PR Category : Banking & Investments
Posted on : Sunday, May 19, 2019  3:57:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : 61 percent of employees believe sustainability is mandatory ...
Next Story : Jafza to Infuse Aed 1.3 Billion Into Dubai's Economy
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track [4658-Views]
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here! [3788-Views]
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension [3608-Views]
Saxo Bank Launches Loyalty Program for MENA Region Clients [3608-Views]
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental [3419-Views]
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and Overall He... [3243-Views]
Crude Oil Headwinds on Virus and Technicals [2936-Views]
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats [2817-Views]
Essence Spring/Summer 2020 Collection [2550-Views]
Pan Emirates Unveils Exclusive New Collection [2415-Views]
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers [2407-Views]
Big Bang Integral King Gold [2370-Views]
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Malabar Gold... [2292-Views]
IATA Proposes Alternatives to Quarantine' [2202-Views]
IATA Proposes Alternatives to Quarantine [2185-Views]
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 24th to 26t... [2136-Views]
Preparing for a New Post-pandemic Economic Era in Mena [2116-Views]
Siemens Energy signs Al Hamudhia 400kV Substation contract with Iraqi Ministry of Electric... [2116-Views]
New Bentayga to Launch Beyond100 [2050-Views]
Transfast Partners with Habib Bank Limited (HBL) for Global Remittances [2017-Views]
Frontline Warriors and Volunteers from two Al Warsan isolation facilities honoured for hel... [1972-Views]
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Security for its ... [1935-Views]
Formula 1 Launches #WeRaceAsOne [1911-Views]
Panasonic Jaguar Racing Management Team Discuss Formula E's Return to Racing in Berlin [1894-Views]
Media Rotana Hotel Reopens Its Doors With Attractive Offers in a Safe Environment [1890-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories