Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, issued a resolution reducing the sale fee for hotels by 30 per cent, to enhance competitiveness and encourage investment in the hotel and tourism sector in the emirate.
The new move is in line with the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to reinforce Dubai’s competitive edge and attraction as a favourite investment destination.
As per the resolution, the sale fee will be 7 per cent, down from 10 per cent. The decision follows last week’s resolution by the Executive Council deducting 50 per cent of “market fee” on businesses as part of a package of incentives and investment facilities that aim to cut cost on business and provide more support to firms operating in Dubai.
“We continue to strengthen Dubai’s competitiveness in keeping with the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in order to offer more facilities to businesses in Dubai within a framework that ensures the growth of an ideal public-private partnership,” Shaikh Hamdan said.
He said the new move is aimed at ensuring an exceptional growth for various economic sectors, most notably tourism, to consolidate Dubai’s top position on the global tourism map.
“We have a strong tourism sector enjoying excellence, and we have a big trust that the tourism sector will continue to have infleucntial contribution to the emirate’s GDP,” Shaikh Hamdan said.
He added: “We continue to move forward with firm steps that would help confirm Dubai's position as a preferred destination for visitors and as a global business hub. Our incentive policies target prominent strategic sectors, to make Dubai number one in doing business.”
“The tourism sector and hospitality industry represent a boost to our efforts that aim to diversify our economy and sources of income, as well as to enhance its sustainability that requires creating an attractive environment for investment and tourism according to flexible strategies supporting the current and projected strong growth for the sector in the coming years,” Shaikh Hamdan said.
With Dubai ranked the world’s fourth most popular travel destination it aims to receive 20 million visitors per year by 2020, Dubai welcomed a total of 15.79 million tourists last year, posting a robust 6.2 per cent annual increase in international overnight visitation. Expo Dubai is expected to draw millions of visitors from all around the world.
