Dubai approves new economic stimulus measures

Dubai has approved a number of economic stimulus initiatives including reduction and waiver of government fees to boost growth, the Dubai Media Office said in a statement.

Crown Prince and chairman of The Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the meeting.

The council approved the first batch of suggestions that aims to slash government fees that aim to reduce the cost of doing business in Dubai.

The board members also reviewed the objectives of the strategic programs along with the time frame of execution. 

The new policy aims to stash “market fees” imposed by Dubai Municipality from 5 percent to 2.5 percent, in addition to scrapping 19 fees related to the aviation industry.

Meanwhile, the executive council also directed Dubai Land Department to waive 4 percent late payment fees on property registration and 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.