Coronavirus: Dubai announces Dh315-million stimulus package
Sheikh Hamdan vows to implement all necessary measures for Dubai businesses to overcome Covid-19 pandemic challenges.
Dubai has announced the fifth economic stimulus package to help Covid-affected businesses. The latest package is worth Dh315 million, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, tweeted on Wednesday.
This raises the overall value of business incentives introduced by the emirate's government to Dh7.1 billion.
>> ALSO READ: The latest package explained
The packages are in response to directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Under the directives of @HHShkMohd, we have approved Dubai's 5th economic stimulus package worth AED 315 million, bringing the total value of all packages to AED 7.1 billion. We continue to implement the required support structures for all sectors to overcome this global crisis. pic.twitter.com/qgk7kOPg2H- Hamdan bin Mohammed (@HamdanMohammed) January 6, 2021
The decision is based on the recommendations of the Dubai Economy Support Committee, chaired by Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of The Executive Council, to continue supporting all economic and business sectors in Dubai.
The Dh315-million package extends the validity of some of the initiatives announced in the previous stimulus packages for another six months - starting from January 2021 until June 2021.
Sheikh Hamdan said: "The Dubai Government continues to assess the current global economic situation and the various developments amid these exceptional circumstances in an effort to develop practical strategies that will enable us to efficiently mitigate the repercussions of the global pandemic on the economy."
The Crown Prince of Dubai said the government is exerting all efforts to reduce the impact of the global crisis; accelerate the pace of recovery of economic sectors and provide necessary means to ensure business continuity.
"Despite the challenges imposed by the pandemic worldwide, our economy is steadily recovering. We have the capabilities and resources that enable us to achieve economic excellence and accelerate the recovery of our various business sectors. We are confident the next phase will bring new opportunities for entrepreneurs and investors," Sheikh Hamdan added.
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