Dubai announces stimulus package of Dh500 million

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by Expo Events Consulting
by Expo Events Consulting Expo Events Consulting

With this, Dubai’s total stimulus packages this year went up to Dh6.8 billion

Another stimulus package of Dh500 million has been announced in Dubai to support the local economy, taking Dubai’s total stimulus measures this year to Dh6.8 billion.

Sheikh Hamdan Bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, announced the package, affirming that the flexibility of Dubai’s economy has enabled it to adapt to the changes imposed by the new reality.

“Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we announce a Dh500 million stimulus package to support the local economy, bringing the total worth of stimulus packages announced this year to Dh6.8 billion,” Sheikh Hamdan tweeted.

“We realise the pandemic has imposed great challenges on several business sectors at a global level, and our goal is to fully overcome these challenges locally and accelerate recovery to establish a new phase of economic growth,” he said.

“The private sector is a major partner in Dubai’s continued progress. We have now approved a fresh set of fee exemptions and rent reductions for some sectors, as well as an extension on the validity of a previous set of fee exemptions,” Sheikh Hamdan said.

“We are working as a single integrated entity, and our primary goal is to accelerate the pace of recovery, protect the economy and cross these exceptional conditions with confidence in preparation for the next stage. The current situation requires consistent work plans to support all economic sectors and help them maintain their business continuity, especially the small and medium-sized enterprises, and other strategic sectors. We want to create a more flexible economic environment to easily adapt to global changes,” Sheikh Hamdan said.

Under the new stimulus package, advertising companies affected by COVID-19 have been exempted from advertising permit fees imposed by Dubai Municipality for a period of three months with a retroactive effect, from March 15 to June 16.

Sheikh Hamdan also approved a set of initiatives to exempt private nurseries operating in the emirate from commercial license renewal fees, extend licences for clinics existing in nurseries, and extend licences for health professionals working in nursery clinics for a period of six months from the date of the licence expiration.