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Dubai ُExecutive Council unveils new measures to support investment in Dubai

UAE - June 7, 2018
Dubai Land Department

As per the instructions of the Executive Council of Dubai, Dubai Land Department is going to waive the late registration fees to be imposed on individuals or companies who fail to register property transactions within 60 days.

The waiver was announced during a meeting that was managed by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and the Chairman of the Executive Council of Dubai, along with a number of other measures aiming at encouraging the foreign investment and stimulating the emirate’s economic growth.

Other initiatives and measures suggested by the Executive Council included reducing government fees to support the investors’ ability to do business in Dubai, lowering Dubai Municipality fees from 5% to 2.5%, freezing school fees for the 2018-2019 academic year, and other fees related to the investment in the aviation sector as Dubai wants to increase the investments in this sector by $272m.

It is worth mentioning that Dubai Land Department has recently launched Real Estate Self Transactions (REST), a platform that aims at achieving the complete digitization of all the real estate transactions in Dubai.

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