DUBAI - Dubai's government said it would reduce municipal fees, scrap some aviation charges and freeze school costs in the latest of a series of efforts to stimulate economic growth, which has been hindered by weak real estate and equity markets.
The Dubai Executive Council approved steps to cut "market fees" imposed by Dubai municipality to 2.5 percent from 5 percent, the official WAM news agency said without elaborating on those fees.
The council also decided to scrap 19 fees related to the aviation industry, which is a major engine of growth in Dubai, and waived late payment fees on property registrations for 60 days. It froze school fees for the 2018-2019 academic year, prohibiting all private schools from increasing their charges.
In recent months, Dubai has taken other steps to reduce costs for companies such as exempting them from administrative fines this year.
Last month the United Arab Emirates cabinet, chaired by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, said it would permit 100 percent foreign ownership of some UAE-based businesses, up from the current 49 percent limit, and grant long-term residency visas of up to 10 years to foreign investors and some professionals.
(Reporting by Andrew Torchia; Editing by Saeed Azhar) ((firstname.lastname@example.org; +9715 6681 7277; Reuters Messaging: email@example.com))