Range of initiatives are meant to attract more investments into Dubai while reducing the cost of doing business
Dubai’s Executive Council has approved a spate of proposals to slash fees in education, aviation and real estate as it looks to boost the Emirate’s economy.
Chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, the meeting yesterday took note of a number of proposals and approved suggestions that will look to provide a stimulus to Dubai’s economy.
Decisions taken included a slashing of government fees to reduce the cost of doing business in Dubai and boost investments into various sectors of the economy.
Market fees imposed by Dubai Municipality will be cut from five percent to 2.5 percent, while 19 fees related to aviation industry will also be scrapped. Dubai's has a “distinctive investment environment on a regional and global level,” Sheikh Hamdan posted on Twitter shortly after the steps were taken by the Council, which needed to be “preserved.”
The Emirate is also “a global hub for the industry and our hard-won position in this sector needs to be strengthened,” he added.
The Council also directed Land Department to waive late payment fees on property registration imposed by Dubai Land Department for 60 days which used to be 4 percent.
The Council also put a freeze on all private school fees for 2018-2019, “in order to reduce the financial burden on parents,” Sheikh Hamdan added.
Dubai’s plans to boost its economy come a day after Abu Dhabi announced a $13.6 billion plan covering 10 initiatives that will look to create 10,000 jobs as well as boost the competitiveness of SMEs on the local and regional levels over the next five years.
Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed has given the Executive Committee of the Abu Dhabi Executive Council to draw up a detailed execution plan for the stimulus package within 90 days.