JAFZA to Waive $9.5 Million in Fines
Jebel Ali Free Zone Authority ( JAFZA) has announced that it will waive an estimated $9.5 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.
The waiver of fines will support the UAE government’s goal of further enhancing its Ease of Doing Business rating, incentivizing 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, and accounting for nearly 24% of Dubai’s total yearly inflow.
Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation and the JAFZA, said: "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.