Dubai Announces New Economic Aid, Bringing Total to $1.7 Billion

SourceBusiness Live ME
SectorEconomy
CountryUnited Arab Emirates

Dubai Announces New Economic Aid, Bringing Total to $1.7 Billion (Bloomberg) — The government of Dubai announced a new set of economic incentives on Saturday, as the city continues to fight off the fallout from the coronavirus pandemic. The new package, worth 1.5 billion dirhams ($408.4 million), was revealed through the Twitter account of the emirate’s Crown Prince Hamdan Bin Mohammed. The new stimulus will be aimed at reinforcing liquidity in firms and reducing the cost of conducting business. Part of the United Arab Emirates federation, Dubai is known as the business hub of the Middle East, attracting tourists and entrepreneurs from across the world. This year, S&P Global Ratings expects the city’s gross domestic product to contract 11% as its balance sheet deteriorates from subdued demand in the region and to a lesser extent...read more...