Dubai announces new Dh1.5-billion stimulus package
Dubai - The package is the third one announced by Dubai.
Dubai has announced a new stimulus package worth Dh1.5 billion to help the economy cope with the effects of the coronavirus outbreak, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said on Twitter on Saturday.
This is the third package announced by the emirate, taking the total of all three to Dh6.3 billion. "We aim to reinforce the liquidity of companies, support business continuity and reduce the cost of doing business," the Dubai Crown Prince said.
As part of the package, hotel establishments and restaurants will be refunded 50 per cent of the municipality fee on sales, which stands at 7 per cent between July and December this year. They will also be given half of the 'Tourism Dirham Fee' until the end of December.
"We also directed expedited payment of financial dues to contractors, as well as the return of financial guarantees for construction sector activities related to commercial licences, to be replaced by another system that guarantees all rights of the involved parties," Sheikh Hamdan said.
"We also approved an initiative to waive penalties for private schools and allow the free renewal of their commercial and educational licenses until the end of December," he added.
The Dubai Crown Prince said the flexibility and strength of the emirate's economy will support the private sector's recovery. "We are keen on businesses returning to normalcy, and we reaffirm our commitment to support all economic sectors in Dubai," he said.
"We look forward to a great future led by His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision, an exceptional leader with exceptional goals. We learned from our elders to conquer the impossible. Now our ambitions are high and we aspire for the best," said Sheikh Hamdan.