Media ININ Economy We Trust
Media In – Dubai 6 June 2018 / WAM /
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, held a meeting today at the Emirates Towers in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai. First Deputy Chairman and HH Sheikh Ahmed bin Saeed Al Maktoum, Second Vice-President of the Executive Council and members of the Board.
The Council adopted the first package proposal of the policy of reducing government fees included in the stimulus initiatives to promote economic growth in the emirate, in accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. As a preferred destination for investments.
Members were briefed on the main objectives, strategic programs and timeframe for implementation where the policy aims to reduce the “market fee” from the current ratio of 5% to 2.5%.
The first phase of the policy was focused on targeting the development of the aviation sector. A total of 19 fees related to aviation industry and private jet landing permits were approved to attract more than AED 1 billion in aviation sector investments. Dubai is a global hub in the aviation industry in line with the objectives of Dubai 2021 And supports the achievement of the objectives of Dubai Industrial Development 2030.
The Executive Council instructed the Land and Property Department to exempt property registration transactions from the delay penalty for registration within 60 days, which was 4%.
Another stimulus package is expected in the next phase to target the most strategic sectors of Dubai’s economy.
The Board decided not to increase school fees for all private schools in Dubai for the academic year 2018-2019 in order to reduce the financial burden on parents.
