The UAE Cabinet has decided to not increase federal fees for the next three years to attract investment, the country’s vice president has confirmed.

The decision comes following the country’s introduction of a 5 per cent value added tax rate this year and an excise tax on tobacco products and soft drinks in October.

Read: All VAT-registered UAE firms must submit returns, pay tax by Feb-end

UAE Vice President and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said on Twitter the decision to freeze federal fees was to “consolidate” economic stability, support the industrial and commercial sectors and attract foreign investment.

The cabinet also discussed a railway regulation bill governing the establishment, operation and safety of railways in the country.