Dubai announces new economic support package worth AED 1.5 billion

WAM

Dubai has approved a new economic stimulus package worth AED 1.5 billion for the business sector.

His Highness Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, took to his official Twitter handle on Saturday to make the announcement.

The total incentive package, under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, now stands at AED 6.3 billion.

"We stand together with the private sector to cross this stage very quickly. We are keen to get businesses back to normalcy as soon as possible,” Sheikh Hamdan tweeted.

We look forward to a great future led by @HHShkMohd’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.

— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020

For the next three months, hotel establishments and restaurants will receive a 50% refund on the 7% municipality fees charged on sales, while the ‘Tourism Dirham Fee’ has been halved until the end of the year.

In the international trade sector, fines for some customs cases will be reduced by 80%, with the option to pay them in instalments.

The government has also taken steps to expedite payments to private hospitals as well as to contractors in the construction sector.

Meanwhile, private schools will be exempted from commercial and educational licence renewal fees until the end of the year.

Under the directives of @HHShkMohd, we launched Dubai’s 3rd stimulus package worth AED1.5 billion, increasing the total worth of all packages to AED 6.3 billion. We aim to reinforce the liquidity of companies, support business continuity & reduce the cost of doing business. pic.twitter.com/05JEO1od9x

— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020