Dubai Announces $85.76 Million Stimulus Package

Dubai Announces $85.76 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.

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.

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.”

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