Dubai government departments have been ordered to reduce some of their fees relating to business activity.
His Highness Sheikh Mohammad Bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, ordered the departments to reduce the fees by 20 to 30 per cent.
The government has also said it will freeze the fees on essential services to keep the emirate's private sector competitive.
In order to support economic and investment activities, further cuts are expected to be made to the issuance and renewal of trade and professional licences, termination of tenancy contracts for ownership and for transferring buildings into hotels or serviced apartments.
Such cuts could be particularly attractive for those individuals and firms researching Dubai property for sale, including commercial property.
Vice-president at Sharjah Islamic Bank Shaikh Abdul Karim told the Gulf News: "It is a welcome move and will definitely boost the business confidence and enhance the competitiveness of the private sector in Dubai."