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Dubai cuts government fees and installs school fees to stimulate the economy
Dubai's government has said it would cut government fees, cancel some airline fees and fix school fees in the latest attempt to stimulate economic growth hit by weak real estate and equity markets.
The emirate's executive board agreed to cut the "market fee" imposed by the emirate's municipality from 5 percent to 2.5 percent, the official Emirates News Agency reported. The agency gave no further details.
The Board decided to cancel 19 fees related to the aviation sector, a key driver of Dubai's growth and exempting property registration transactions from the 60-day delay in registration of 4 percent.
The Council also decided not to increase school fees for all private schools for the academic year 2018-2019 and to prevent all private schools from increasing their expenses.
In recent months, Dubai has taken other steps to reduce costs to companies such as exempting them from administrative fees this year.
Last month, the Council of Ministers of the UAE, led by Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, said full foreign ownership of some UAE-based companies would be allowed, up from 49 percent in the past, and long-term residency visas of up to 10 years for foreign investors and some professionals.
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