The Jebel Ali Free Zone (Jafza), the Middle East’s leading special economic zone in the Middle East and home to Dubai’s main container shipping port, has announced that it will refund approximately US$354 million in cash fines and bank guarantees owed by its clients.
According to a statement, Jafza’s decision to waive the fines is part of the United Arab Emirates’ (UAE) ‘Year of Tolerance’ initiative.
It will also support the UAE’s goal of increasing its Ease of Doing Business rating and incentivizing new companies and investors to do business in the region.
The UAE is currently 11th in the World Bank’s Ease of Doing Business ranking, and Jafza has played an important role in this positive rating.
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It continues to be a leading source of foreign direct investment (FDI) and accounts for nearly 24% of Dubai’s yearly income.
Speaking about the announcement, Sultan Ahmed Bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation and 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.
To promote ease of doing business and to support its customers Jebel Ali Free Zone (Jafza), the GCC’s leading special economic zone, will become the first free zone in the country to return cash and bank guarantees to its clients pic.twitter.com/AUZgHkCsGG
— Jebel Ali Free Zone (@jafzadubai) May 19, 2019
“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.
“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.”