Plan to stimulate economy will aim to reduce effects of downturn
The Dubai government is to slash the fees it applies to businesses by up to 30% in a bid to stimulate the economy, and particularly the construction and property sector.
The cost of trade and professional licences will be cut by between 20 and 30%, as will the fees the government applies to property ownership certificates and terminations of tenancy agreements. The fee levied when a building’s use changes, for instance when a hotel switches to a residential scheme, will also be cut by up to 30%. Such changes of use are widely expected due to the slowdown in Dubai. The emirate has been feeling the effects of the global slowdown in November last year. At least $400bn of projects are now on hold in Dubai.