Dubai’s logistics companies will receive capital support from the Emirati government’s Dh500 million economic stimulus packages. It is reported that the package is expected to attract an additional amount of Dh6.8 billion after it receives full support from the government.
The logistics sector is a key area for the government. Some of the key benefits for the sector includes the extension of market fees freeze imposed on all sectors in Dubai until the year-end. Furthermore, there will be extensions on the docking fees imposed on the four traditional commercial vessels registered locally in the UAE at Dubai Port and Hamriya Port.
The government also plans to waive fees worth Dh50,000 which is required to carry out customs clearance activities and there will be refunds for the fees paid by the customs clearance firms.
There will be a reduction in fees imposed on custom documents from Dh50 to Dh5 for each transaction. Also, people will not have to submit a banking instrument for customs-related grievances.
Prince of Dubai, Sheikh Hamdan, told the media, “The business sector is at the heart of our economy. We are keen to revive the business environment and open new horizons for entrepreneurs and investors in line with Dubai’s future aspirations. he current circumstances “require consistency in the business approaches to ensure continuity and a flexible economic environment that can adapt to global changes.”
The global logistics sector has been steamrolled by the pandemic while few companies such as DHL, Amazon and others are showing signs of rebound. Most major economies are resuming economic activities, but the global economy at large is remains under threat until a vaccine is discovered.