Dubai plans $136m in support for coronavirus-hit businesses

  • Date: 25-Oct-2020
  • Source: Arabian Business
  • Sector:Economy
  • Country:UAE
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Dubai plans $136m in support for coronavirus-hit businesses

Dubai plans to offer AED500 million ($136m) of aid for businesses hit by the coronavirus crisis, Crown Prince Hamdan Bin Mohammed said on Twitter on Saturday.

The package, which will consist of rent breaks and the elimination of government fees and fines for some businesses, will bring total government support to AED6.8 billion ($1.85bn), according to the prince.

The emirate is known as the business hub of the Middle East, and has been hit hard by Covid-19 as it relies on trade and tourism. The International Monetary Fund expects the United Arab Emirates' economic output to shrink 6.6 percent this year. Job losses and weak domestic demand remain a drag on businesses in the expatriate-dominated city.



"We strive to support the business sector while working together to counter the negative effects of the Covid-19