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Economy

Jafza to refund $354 million in fees to spur economy

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The move is expected to help companies invest in their operations and strengthen their businesses.

Sunday 19, May 2019

(Bloomberg) --Dubai’s Jebel Ali Free Zone (Jafza), the main port and biggest free zone authority, plans to return AED 1.3 billion ($354 million) in cash and bank guarantees to its clients in an effort to stimulate the broader economy.

Jafza stated that it will start refunding companies operating in its jurisdiction in September.

Last year, the UAE reduced fees required to hire foreign workers, cutting the annual cost to just AED 60 dirhams per employee from AED 3,000.

The stimulus was intended to blunt the effects of lower oil prices and weakened regional economies which have hurt growth in the UAE, where expatriates make up about 80 per cent of the population.

Jafza and port operator DP World are key employers in Dubai accounting for 16.2 per cent of the Emirate’s total workforce.

TAGS : Jafza, DP World

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