Final guarantee on government contracts in Dubai has fallen from 10% to 2%
This is part of a major package of temporary business incentives — there are also concessions on customs duties, hotel levies, licences and fines. The ADGM has introduced new regimes for fund managers. Documents on Islamic finance, nuclear safety, transport in Dubai and RAKEZ have been added to the database.
• The deadline for customs declarations for exports and transit has been extended from 30 to 90 days
• Certain hotel businesses are exempt from the Tourism Dirham and municipal fee; concessions also apply to event permits, discounts and promotions, and holiday homes
• The final guarantee for government contracts for the supply of goods and services has been reduced from 10% to 2%, whilst the threshold for a mandatory guarantee has risen from AED 5 million to AED 10 million
• Certain customs fines have been reduced by ...