The Executive Council of Dubai has approved suggestions to slash government fees among a series of economic stimulus aiming to reduce the cost of doing business in Dubai and further cement position as destination of choice for investments.

The meeting, led by Crown Prince of Dubai and chairman of the Executive Council of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, reviewed a number of topics in the presence of Deputy Ruler of Dubai and First Deputy Chairman of Dubai Executive Council Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and Second Deputy Chairman of the Executive Council Sheikh Ahmed bin Saeed Al Maktoum, reported Dubai Media Office.

The board members also reviewed the objectives of the strategic programs along with the time frame of execution. The new policy aims to slash “market fees” imposed by Dubai Municipality from 5 per cent to 2.5 per cent, in addition to scrapping 19 fees related to aviation industry, as Dubai aims to attract foreign investments worth more than Dh1 billion ($272 million) in the aviation sector.

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 per cent.

The Council also put a freeze on school fees for 2018-2019, where all private schools won’t be allowed to increase the school fees during the next academic year.