Two weeks ago, we asked a simple question: Is VAT worrying expats in the UAE?
What we found out was that it wasn’t, but other factors might, in fact, lead expats to leave the country, such as growing education fees and rent prices, among others.
However, rent prices are going down and “no one is leaving just yet,” an expat said.
“Although school fees are worrisome,” he added.
A new announcement coming from Dubai’s Executive Council has approved a spate of proposals to slash fees in education, aviation, and real estate, as it looks to boost the Emirate’s economy.
The meeting took note of several proposals and approved suggestions that would look to provide incentives to Dubai’s economy.
The best is yet to come
Decisions taken include a slashing of government fees to reduce the cost of doing business in Dubai and boost investments into various sectors of the economy.
Market fees imposed by Dubai Municipality will be cut from 5% to 2.5%, while 19 expenses related to aviation industry will also be scrapped. Dubai has a “distinctive investment environment on a regional and global level,” Sheikh Hamdan posted on Twitter shortly after the steps were taken by the Council, which needed to be “preserved.”
The Emirate is also “a global hub for the industry and our hard-won position in this sector needs to be strengthened,” he added.
The Council also directed Land Department to waive late payment fees on property registration imposed by Dubai Land Department for 60 days, which used to be 4%.
The Council also put a freeze on all private school fees for 2018-2019, “ to reduce the financial burden on parents,” Sheikh Hamdan added.
Dubai is not the only one
Dubai’s plans to boost its economy come a day after Abu Dhabi announced a $13.6 billion plan covering ten initiatives that will look to create 10,000 jobs as well as increase the competitiveness of SMEs on the local and regional levels over the next five years.
Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohammed, has ordered the Executive Committee of the Abu Dhabi Executive Council to draw up a detailed execution plan for the stimulus package within 90 days.
Check out our latest: Survey: VAT in the UAE. Are you feeling it?