With the aim to increase investments in the Gulf emirate, which global financial crisis hit adversely, taxes on some services have been frozen by Dubai's ruler, Sheikh Mohammad bin Rashed al-Maktoum. In a recent move, the fee for many operations has been cut by 20% to 30%.

It should be noted that fees for the issuance and renewal of trade and professional licenses are included in taxes to be cut along with licenses for business promotions, property ownership certificates, and for converting buildings into hotels or serviced apartments and remodeling commercial buildings.

Well known agency of Dubai expressed that the decision taken by the ruler reflects his eagerness for strengthen the economic competitiveness of Dubai and boosting the government's support to the investment environment for the welfare of the community as a whole.

The well renowned international rating agency Standard and Poor's predicted in March for the economy of Dubai to contract by 2% to 4% this year on the account of falling oil prices and the global economic downturn adverse affects on real estate market.

Dubai, which is one of seven emirates constituting the United Arab Emirates, does not impose income taxes.

(via TopNews Arab Emirates. Contributed by Faarooq Mehmood)