x Abu Dhabi, UAEFriday 21 July 2017

Dubai to reduce business fees

Business licensing fees to be cut by up to 30 per cent and other official charges will be frozen in a bid to stimulate economic activity.

DUBAI // The Dubai Government will reduce business licensing fees by up to 30 per cent and freeze other official charges in a bid to stimulate economic activity, the state news agency, WAM, said. Sheikh Mohammed bin Rashid, the Ruler of Dubai and Vice President of the UAE, issued the decree to strengthen "continued government support for the investment environment", the agency reported. "This includes fees levied by the Government for administrative or economic services even if the costs of these services are higher than the market rate," the agency reported. "The government departments will also strive to provide all facilities to those who pay the fees, by way of receiving some of those fees on instalments." Fees will be cut by 20 to 30 per cent for a range of activities, including trade and professional licences, property ownership certificates, termination of tenancy contracts, transferring buildings into hotels or serviced apartments, and other alterations to commercial buildings. Dubai's economy has been hit badly by the global downturn, with many construction projects held up. - Reuters