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Dubai Issues Waivers, Reductions of Fees for 88 Government Services

A general view of Dubai International Financial Centre (DIFC) among high-rise towers in Dubai, United Arab Emirates June 18, 2019. Reuters
A general view of Dubai International Financial Centre (DIFC) among high-rise towers in Dubai, United Arab Emirates June 18, 2019. Reuters
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Dubai Issues Waivers, Reductions of Fees for 88 Government Services

A general view of Dubai International Financial Centre (DIFC) among high-rise towers in Dubai, United Arab Emirates June 18, 2019. Reuters
A general view of Dubai International Financial Centre (DIFC) among high-rise towers in Dubai, United Arab Emirates June 18, 2019. Reuters

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Executive Council Resolution No. (19) 2021 on waivers and reductions of fees for a total of 88 services provided by various Dubai Government entities, Emirates News Agency (WAM) reported Thursday.

The move aims to ease financial pressures faced by businesses and further raise Dubai’s attractiveness as a business and investment hub, WAM said.

The waivers and reductions relate to fees for services provided by Dubai Land Department, Dubai Maritime City Authority, Roads and Transport Authority (RTA), Dubai Municipality, Department of Tourism and Commerce Marketing (Dubai Tourism), Dubai Courts, Department of Economic Development (Dubai Economy) and Dubai Health Authority (DHA).

The decision is part of a series of initiatives undertaken by the government to stimulate economic growth in the emirate as well as promote competitiveness, lower living costs, improve the business environment and support investors, WAM added.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.