Sheikh Hamdan Bin Mohammed Unveils AED1 Billion Economic Incentives to Boost Dubai’s Growth
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Deputy Prime Minister of the UAE, has approved a comprehensive set of initiatives aimed at empowering individuals and enhancing the economic landscape of Dubai. This decision was made during a recent meeting of The Executive Council, where strategies were discussed to promote trade, investment, and workforce welfare.
Key Initiatives Approved
The Executive Council approved five significant projects, including an AED1 billion economic incentive package designed to bolster Dubai’s economy and support its residents. This initiative is set to be implemented over the next three to six months, commencing on April 1, 2026. The measures include deferrals of various government fees, particularly benefiting the hospitality and tourism sectors. Hotels will be allowed to postpone 100% of their sales fees and Tourism Dirham payments for three months, enhancing liquidity in these crucial industries.
Additionally, the Council endorsed an updated methodology for measuring Dubai’s GDP, which reported a growth of 6.4 percent in the fourth quarter of 2025. For the entire year, Dubai’s GDP grew by 5.4 percent, reaching AED937 billion. The new approach aims to broaden the scope of economic surveys and enhance statistical accuracy across all economic activities.
Virtual Warehouses Initiative
Among the approved initiatives is the Virtual Warehouses Initiative, overseen by Dubai Customs. This initiative aims to facilitate temporary imports into Dubai, ensuring a seamless flow of goods, including artwork. A new temporary admission declaration will exempt artwork imports from customs duties and financial guarantees, while suspending duties on private artworks for three years. The initiative also simplifies geographical restrictions and introduces virtual copies of artworks for advanced tracking, further establishing Dubai as a global hub for art.
Dubai Empowerment Strategy
The Dubai Empowerment Strategy, supervised by the Community Development Authority, was also approved. This strategy aligns with the Dubai Social Agenda 33 and builds on the successes of the Dubai Empowerment Programme, which has already supported 1,200 young Emiratis and created over 7,000 job opportunities. The strategy focuses on enhancing living standards, financial stability, and social cohesion among Emirati families, providing tailored support for job seekers and home-based entrepreneurs.
Health and Safety Strategy for Workers
The meeting also addressed worker welfare through the approval of the Health and Safety Strategy for Workers’ Accommodations. This strategy aims to improve living and working conditions for workers in Dubai, targeting 100% access to essential services and compliance with health and safety regulations by 2033. This initiative is in line with the Dubai 2040 Urban Master Plan and adheres to International Labour Organisation (ILO) standards, demonstrating Dubai’s commitment to sustainable urban growth and worker welfare.
Vision for the Future
H.H. Sheikh Hamdan emphasized that these initiatives reflect Dubai’s commitment to providing practical support to individuals, families, and businesses. He noted that under the leadership of His Highness Sheikh Mohamed bin Zayed and His Highness Sheikh Mohammed bin Rashid, the UAE is well-positioned for a prosperous future. Sheikh Hamdan highlighted Dubai’s reputation for credibility and transparency, asserting that the emirate is ready to meet any challenges through the strength of its inclusive society.
The meeting was attended by notable figures, including H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai.
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Published on 2026-03-31 00:11:00 • By the Editorial Desk
