Sheikh Hamdan Approves Dhs1 Billion Initiatives, Positions UAE for Economic Growth
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, has endorsed a series of initiatives aimed at empowering individuals and society, enhancing trade and investment, and improving economic performance metrics. This decision was made during a meeting of The Executive Council of Dubai, which he chaired.
Key Projects and Initiatives
The Council approved five significant projects, including a Dhs1 billion economic incentive package designed to benefit Dubai’s economy and its residents. The initiatives also include a report highlighting Dubai’s economic growth in the fourth quarter of 2025, an updated methodology for measuring the emirate’s GDP, the Virtual Warehouses Initiative, the Dubai Empowerment Strategy, and the Health and Safety Strategy for Workers’ Accommodation.
These decisions align with the vision set forth by President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai.
Commitment to a Better Future
Sheikh Hamdan emphasized the UAE’s readiness for a promising future, stating that the nation has established itself as a global benchmark for cities through clear vision and sound policies. He noted that Dubai has gained a reputation for credibility, transparency, and trust among businesses and investors worldwide. The measures approved during the meeting reflect Dubai’s commitment to providing practical support for individuals, families, and businesses.
The meeting was attended by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, the First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, as well as Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, the Second Deputy Ruler of Dubai.
Economic Incentives and Support Measures
The Dhs1 billion economic incentive package will be implemented over a period of three to six months, starting from April 1, 2026. This initiative aims to alleviate financial pressures on businesses and individuals across various sectors. It includes the deferral of several government fees for three months, allowing hotels to postpone 100% of sales fees and the Tourism Dirham for the same period to enhance liquidity in the hospitality and tourism sectors.
Additionally, customs data grace periods will be extended from 30 to 90 days, with the possibility of further extensions, while ensuring compliance with applicable tax legislation. The initiative will also streamline the processes for issuing and renewing residency permits, facilitating easier living and working conditions for talent in Dubai.
Economic Growth and GDP Measurement
The Executive Council reviewed Dubai’s economic performance for the fourth quarter of 2025, reporting a growth rate of 6.4%. For the entire year, Dubai’s GDP grew by 5.4%, reaching Dhs937 billion. The Council also approved a comprehensive update to the methodology for measuring Dubai’s GDP. This updated approach will expand the scope of economic surveys and broaden statistical coverage to better represent all economic activities, thereby introducing more comprehensive databases that accurately reflect actual performance.
Virtual Warehouses Initiative
The Executive Council also approved the Virtual Warehouses Initiative, which will be overseen by Dubai Customs. In its initial phase, this initiative will facilitate temporary imports into Dubai, ensuring the smooth flow of goods, including artwork. Under a new temporary admission declaration, imports of artwork will be exempt from customs duties and financial guarantees, with duties on private artworks suspended for three years.
The initiative will eliminate geographical restrictions, simplify time extensions, and introduce virtual copies of artworks for continuous high-tech tracking. This builds on Dubai Customs’ ‘Art Flow’ pilot project, providing significant financial and procedural advantages. By streamlining the entry of high-value artworks, the initiative reinforces Dubai’s status as a leading global center in this domain and offers specialized solutions for high-net-worth individuals.
Dubai Empowerment Strategy
The Dubai Empowerment Strategy, approved by The Executive Council and supervised by the Community Development Authority, aligns closely with the Dubai Social Agenda 33. It builds on the achievements of the Dubai Empowerment Programme, which has already supported 1,200 young Emiratis, created over 7,000 job opportunities, and engaged more than 400 partner entities across various sectors.
This strategy aims to raise living standards, strengthen financial stability, promote sustainable employment, and foster social cohesion among Emirati families. It adopts a dual-track approach, providing tailored support for job seekers and individuals pursuing home-based entrepreneurship. Cross-sector partnerships between government, businesses, and community organizations are central to this strategy.
Health and Safety Strategy for Workers
The meeting also approved the Health and Safety Strategy for Workers’ Accommodations, marking a significant step towards improving living and working conditions for workers throughout Dubai.
As reported by www.gulftoday.ae.
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Published on 2026-03-30 22:01:00 • By Editorial Desk
