Monday, May 13, 2013

New Law on land registration fee issued

In his capacity as the Ruler of Dubai, the UAE Vice President and Prime Minister, HH Sheikh Mohammed bin Rashid Al Maktoum, has issued a new law on land registration fees.

The New Law No.2 for 2013 amends Law No.7 for 1997 on land registration fee. This new law sets registration fee for a storehouse sale contract at Dh.10 per square metre of land area, in which, the facility was built, provided, the fee should not be less than Dh.10,000. This revised fee is lower than previous rate of 2 percent of the sale contract.

The Director General of Government of Dubai Land Department, Sultan Butti bin Mejren, said that the new fee will leave a positive impact on the industrial sector in Dubai, as the new move will considerably contribute to help in supporting the small and medium enterprises, improve industrial investment and attract industrial companies to Dubai.

The revised fee will also support the Department’s drive to deliver the leadership vision for a diversified knowledge-driven economy, which would be consistent with the UAE Vision 2021, by stimulating the macro-economy and promoting Dubai as a favourite destination for industrial and logistic businesses at regional and international levels.

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