Dubai’s Executive Council has told the Dubai Land Department (DLD) to scrap a fine on individuals and companies who do not register real estate transactions within 60 days.
In a meeting chaired by the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, a string of economic stimulus measures were approved.
One measure was this: DLD was asked to waiver a 4% fee on property owners who fail to register real estate transactions within 60 days.
Scrapping the fee comes amid a raft of measures introduced by Dubai to encourage investment in the economy.
Other initiatives approved by the Dubai Executive Council, include suggestions to slash government fees, as officials press ahead with plans to reduce the cost of doing business in Dubai and attracting foreign direct investment.
Plans could see Dubai Municipality fees reduced from 5% to 2.5%.
School fees have been frozen for the 2018-19 academic year.
And up to 19 fees related to the aviation sector could also be cut. Dubai wants international investors to pump up to $272m (AED1bn) into its air market, and scrapping more than a dozen fees could help make the sector more attractive to investors.
Separately, HH Sheikh Hamdan recently signed off on a restructure of the DLD.
HH Sheikh Hamdan leads DLD and approved in May a revamped organisation structure for the DLD, which revolves around three main areas of work: Corporate Support, Real Estate Registration Services, and Real Estate Investment Promotion.
This restructure of DLD in itself comes in the wake of a major legislative upheaval in the UAE as its leaders look to ways to encourage long-term, sustainable, economic growth in the country.
A landmark new visa policy was introduced to grant sought-after professionals in fields such as engineering and medicine up to a 10-year residency in the country. Construction leaders have since praised the policy that they say will pave the way for significant real estate investment.
And this week Abu Dhabi announced an $13.6bn (AED50bn) economic stimulus package to grow the economy, create thousands of jobs, encourage construction, and reduce building costs.