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Stimulus plans revive investor confidence

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DUBAI : Government stimulus plans have revived the confidence of investors and businesses, and they are poised to play a more active role in stabilising Dubai’s economy, says a top official.

Abdulla bin Damithan, chief executive and managing director of DP World, UAE Region and Jafza, said incentives packages were introduced at the right time to ease pressure on businesses in a challenging environment.

“These incentives have been introduced at the perfect time, as we are getting ready for Expo 2020 Dubai, a mega-event that the business community in the UAE has been waiting for. It will certainly help businesses get more support to participate in this major event, and help them to offer top-notch services,” Bin Damithan told Khaleej Times.

While referring to a recent package announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, he said it is another timely support provided to the businesses to survive this difficult time.

“Once again, the proactive vision of our wise leadership in Dubai plays its role in providing an ideal environment for conducting business. The incentive package announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, with a value of Dh1.5 billion, for the next three months will underpin this mission,” he said.

“We affirm our full support for such incentives that will have a positive impact on the economy of Dubai. Early last year, when we implemented similar instructions from the leadership for Jafza companies, we witnessed an uptick in business.

“As a result of these incentives, the increase in the number of companies registered in all free zones and economic parks with DP World, UAE Region, grew from 9,246 in 2019, to 9,603 during 2020, with a growth rate of four per cent. We have also seen an increase in the demand for the services of our logistics and warehousing facilities,” Bin Damithan elaborated.

Jafza promotes healthcare

Meanwhile, DP World, UAE Region’s Jebel Ali Free Zone (Jafza) witnessed a 12 per cent growth in its healthcare and pharmaceuticals customer base between 2019-20.

The two industry giants will participate at Arab Health 2021 to showcase their commitment to promote the growth of healthcare and pharmaceutical companies. One of the region’s leading medical equipment exhibitions will commence tomorrow and continue until Thursday.

“The boom in the healthcare and pharmaceuticals segment in Jafza has highlighted the core competencies of the sector in the Middle East and the seamless connectivity DP World, UAE Region offers to over 3.5 billion consumers through the highly-efficient trade and logistics hub in Jebel Ali, which includes Jafza and the Jebel Ali Port,” Bin Damithan said.

Jafza key pillars

The healthcare and pharmaceuticals segment is one of the key economic pillars in Jafza. Spanning an area of around 170,000sqm and currently housing 174 companies from 41 countries, the segment provides jobs to 1,100 employees. In 2019, the volume of trade in the segment stood at 25,000 metric tonnes, valued at Dh900 million.

“Our trade and logistics hub has expedited global distribution of Covid-19 equipment and played a key role in the Dubai Vaccine Logistics Alliance, an initiative launched in January 2021. As a smart trade enabler, we have ensured a flawless supply chain throughout 2020, irrespective of the dynamic market conditions,” Bin Damithan said.

As the only free zone with the ability to support indigenous manufacturing for the healthcare and pharmaceutical sector, Jafza has facilities dedicated to the storage of ancillary vaccine preparation and administration items.

Additionally, Jebel Ali Port has temperature-controlled warehouses and also consists of nearly 10,000 reefer points spread across the terminals to power refrigerated containers and support the pharmaceutical trade.

The healthcare sector in the UAE has rapidly expanded to meet the evolving needs of the population, helping the nation in its endeavour to become a regional medical tourism hub. Partnerships and initiatives by the government and private and public sector companies are helping to achieve these goals. DP World, UAE region and Jafza have been at the forefront, ensuring sustainable growth of this sector.

Source : Khaleej Times

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