Jebel Ali Free Zone (Jafza), the Middle East’s special economic zone and part of DP World, announced it will waive an estimated AED 35 million (=USD 9,530,000) in fines owed by its customers, in commemoration of the UAE Government’s designation of 2019 as the Year of Tolerance.
Jafza’s decision to waive fines is an initiative that aligns strongly not only with the UAE government’s goals for promoting tolerance but also with the company’s broader goals to support the communities it serves,
…Jafza explained.
The President of the UAE has proclaimed the year 2019 to be the ‘The Year of Tolerance’, highlighting the UAE as a global capital for tolerance, and emphasizing tolerance as a universal concept and a sustainable institutional endeavor through legislation and policies aimed at entrenching the values of tolerance, dialogue, coexistence and openness to different cultures.
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, designated 2019 as the Year of Tolerance. 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,
…Sultan Ahmed Bin Sulayem Chairman of the Ports, Customs and Free Zone Corporation and the Jebel Ali Free Zone Authority said.
The initiative is also expected to impact Dubai’s economy positively, as these funds will now allow firms to increase investment in their operations and help them grow, Jafza added.
The waiver of fines will support the UAE government’s goal of further enhancing its Ease of Doing Business rating, incentivising new companies and investors considering operations in the Middle East.
The free zone continues to be a leading source of foreign direct investment (FDI), accounting for nearly 24% of Dubai’s total yearly inflow.
