Entrepreneurs and entrepreneurs in the UAE have identified 10 demands and proposals to stimulate and stimulate markets and attract more investments to maintain the UAE's position as a preferred investment destination and regional trading hub.

They stressed that government agencies play a key role in this, through reviewing and keeping up with local trade laws and legislations, not changing procedures and issuing many decisions that lead to instability and create a repulsive investment environment and modernization, and employ economists and experts in departments dealing with traders, and continuous communication between the public sectors Support the industry and give incentives to the national product to help it compete in an open market, reduce recruitment fees, expand government projects horizontally to sub-regions of each emirate, and ease the conditions for opening commercial centers and markets. In the outer areas, creating communities around them.

Stimulate the market

Hamad Al Awadi, a businessman and board member of the Abu Dhabi Chamber of Commerce and Industry, said: “There are a number of steps that should be taken to stimulate the market, especially the continuous communication between the public and private sectors, whether at a federal level represented by the Ministry of Economy or local through the departments. “Communicating with the private sector is important in the development of legislation, laws and procedures, so that business owners themselves have an authentic view of what regulatory decisions are taken in the market, so that the investor is not surprised by the existence of Any requirement New without getting ready.

He stressed that the instability of the procedures and the frequent change of decisions create a repulsive environment for business, and frighten investors and foreign capital.

Al-Awadi added that «the government is pumping a lot of budgets in various departments to pump in infrastructure and service projects, and here these departments should pump these funds to stimulate the market and the economic wheel turnover, in addition to accelerating payments due to contractors and owners of companies, as long as they commit to implement what they have». However, payment of dues to the private sector ensures that projects are not hampered and workers' wages and bank installments are paid.

He added that «banks make large annual profits due to high fees and interest, and this is very expensive for investors, with which banks should play their role in supporting the business to reduce the cost of borrowing and facilitate access to it», stressing that the boards of directors of banks must realize that supporting the economy and moving the market more important Of excessive profits with negative economic impact.

Legislation

For his part, said the entrepreneur, Salem Al Ali, that «the legislation and commercial laws in the UAE has developed a lot, especially at the federal level, but the development of business in the UAE and the dynamics of trade is still earlier and larger, which requires periodic review and modernization of these laws, so as to ease the conditions of business and provide stability for the investor Domestic and foreign ». He added that «there is also important, is to ease the conditions for the opening of commercial centers and markets in the outer areas of each emirate, creating communities and new urbanization».

Al-Ali pointed out that it is also important to put employees with economic and commercial expertise in the economic departments and stakeholders and understand the movement of investment, which makes them appreciate the importance of time, and help the investor in the completion of transactions quickly.

Industry sector

“Supporting industrial entrepreneurs is one of the most important demands to consider. It is an important focus for diversifying the economy away from oil, as well as giving incentives to industrialists to help them compete with their products in the market,” said Reid Al Dhaheri, a businesswoman of the Abu Dhabi Chamber of Commerce and Industry. "The domestic market is open and filled with thousands of products that come from cheap labor and cost less."

For example, it was possible to exclude industry and industrialists from VAT, reduce labor recruitment fees from residences, housing, health insurance, etc., thereby reducing the cost of the final product, enabling it to compete domestically, and boosting its opportunities to export to foreign markets. "The global economy is shrinking and trade is slowing down, which should be taken into account for troubled traders. It should form a committee of jurists and economists to decide on the financial situation of employers' cases, freezing their imprisonment in cases that require it," she said. And give them the opportunity to work and pay what they have, taking adequate guarantees not to leave the state for expatriates, but the UAE citizen in the end his state will not abandon them ».

Transaction completion

For her part, said entrepreneur, Huda al-Koumi, that «the fees for the completion of transactions in economic circles need to be reduced, especially for those who are late in renewing their licenses or paying their obligations, as sometimes due to the failure to receive payments from the parties that are being implemented for their benefit or not The availability of liquidity to market conditions, stressing that the fees for renewal of licenses in arrears in particular, accompanied by many fines, accumulate just like the interest of banks, and a burden on small business owners, and consumes most of their income, which leads them to default and accumulate debts or exit from the market permanently.

Demands

- Continuous communication between the public and private sectors.

- Reduce the cost of borrowing and facilitate access to finance.

- Employment of economists and people with expertise in economic circles.

- Changing procedures and frequent issuance of decisions creates a repulsive environment for investment.

- Support industry and give incentives to national product.

- Reduce recruitment fees.

- Expansion of government projects and rapid infusion of funds.

- Accelerate payments to companies and contractors that execute projects.

- Loosening the conditions for opening commercial centers and malls in the external areas.

- Updating laws and legislations and forming a legal and economic committee for distressed traders.