Dubai announces $136 mln economic stimulus package amid coronavirus pandemic

Dubai announces $136 mln economic stimulus package amid coronavirus pandemic

Dubai has announced a new economic stimulus package worth $136 mln (AED 500 million) to support various business sectors, according to an announcement by the emirate’s crown prince.

The newly announced package now brings the total value of stimulus packages introduced by the Dubai government this year to $1.8 bln (AED 6.8 billion).

“We realize 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,” Sheikh Hamdan Bin Mohammed Al-Maktoum, Dubai’s crown prince, tweeted.

“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,” he added.

The Crown Prince also announced initiatives relating to the exemption of government fees for on the private sector and the extension of several that were already approved during the previous stimulus packages.

“Sheikh Hamdan approved extending the validity of some of the initiatives announced in the previous stimulus package for three months until the end of 2020 to support the private sector in coping with the repercussions of the pandemic. These include extending the freeze on market fees levied on all sectors in Dubai until the end of 2020. The exemptions for traditional commercial vessels registered locally in the UAE from docking fees at Dubai Port and Hamriya Port (including direct and indirect loading fees) will also be extended,” read a report by the Emirates News Agency.

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