Dubai’s Department of Economic Development (DED) has announced the government’s decision to exempt companies operating in the emirate from paying fines stemming from late license renewals.

The move is intended to facilitate license renewals by providing a grace period for companies until the end of this year.

Abu Dhabi’s government has followed suit, according to The National newspaper, in waiving penalty payments for businesses whose licences have not been valid for more than 24 months.

On 21 May, the UAE announced 100 per cent foreign ownership of companies in the country and 10-year visas for certain highly qualified professionals and investors.