Investors and analysts cheer decision to freeze government fees, move seen boosting economic growth and private investments.
Dubai government fees will not be hiked over the next three years.
The move is in line with the directives of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, announced the order on Sunday.
“Following the directives of @HHShkMohd, we have issued an order to freeze Dubai Government public services fees for the next three years,” Sheikh Hamdan said on Twitter on Sunday.
Sheikh Hamdan said the decision seeks to promote the social stability of citizens and the consequent positive effects on all segments of society.
The move is aimed at promoting Dubai’s economic competitiveness, enhancing social stability and boosting investments in Dubai.
Consumer confidence
“This a very positive development that will increase business and consumer confidence in the country,” said Dr Mohammad Al Asoomi, a UAE economic expert and specialist in economic and social development in the UAE and the GCC countries.
“The decision has come as a reassurance to both investors and consumers that there are no further increase in government fees. This will enhance investor confidence,” Dr Al Asoomi added.
Dubai’s decision to freeze government fees follows the Federal government decision to stop all fee increases on February 28 with the objective of promoting economic and social stability, as well as support the industrial and commercial sectors.
