Sheikh Hamdan unveils new Dhs500m stimulus package for Dubai

  • Date: 25-Oct-2020
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
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Sheikh Hamdan unveils new Dhs500m stimulus package for Dubai

Dubai announced a fresh Dhs500m economic stimulus package on Saturday, October 24, to support businesses weather the impact of the Covid-19 pandemic, taking the overall value of economic support provided by the emirate's government in 2020 up to Dhs6.8bn.

The package, unveiled by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, include new stimulus measures such as rent reduction for nurseries as well as an extension of previous stimulus initiatives such as a waiver on penalties related to government registration until the end of 2020.

New initiatives

Advertising companies affected by the pandemic will be exempted from Dubai Municipality's advertising permit fees for three months, retroactive from March 15 to June 16, 2020, reported news state agency WAM.

In a bid to