Dubai increases economic stimulus package to AED7.1 billion

Dubai increases economic stimulus package to AED7.1 billion

Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has launched an economic stimulus package worth AED315 million.The new package raises the value of business incentives introduced by the emirate's government to AED7.1 billion.The decision to launch the new stimulus package is based on the recommendations of the Dubai Economy Support Committee, chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of The Executive Council, to continue supporting all economic and business sectors in Dubai. The AED315 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.Commenting on the occasion, H.H. Sheikh Hamdan said, "The Dubai Government continues to assess the current global economic situation and the various developments amid these exceptional circumstances to develop practical strategies that will enable us to efficiently mitigate the repercussions of the global pandemic on the economy."He added that the Government's efforts to reduce the impact of the global crisis, accelerate the pace of