DUBAI 7 June 2018: Several new measures have been announced as a package of stimulus to boost economic growth in Dubai.
The measures have been approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Executive Council of Dubai, at the council’s meeting at Emirates Towers ysterday.
The meeting reviewed a number of topics in the presence of Deputy Ruler of Dubai and First Deputy Chairman of Dubai Executive Council Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and Second Deputy Chairman of The Executive Council Sheikh Ahmed bin Saeed Al Maktoum.
Government Fees Cut
The council approved the first batch of suggestions that aims to slash government fees as part of the directives of Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, that aims to reduce the cost of doing business in Dubai, and further cement position as destination of choice for investments.
The board members also reviewed the objectives of the strategic programs along with the time frame of execution. The new policy aims to slash “market fees” imposed by Dubai Municipality from 5% to 2.5%, in addition to scrapping 19 fees related to aviation industry, as Dubai aims to attract foreign investments worth more than Dh1 billion in the aviation sector.
Property Registration Fees
The council also directed Dubai Land Department to waive late payment fees on property registration imposed by Dubai Land Department for 60 days which used to be 4 per cent.
School Fees
The council also put a freeze on school fees for 2018-2019, where all private school won’t be allowed to increase the school fees during the next academic year.
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