Dubai: New Dh1.5 Billion Stimulus Package to Help SMEs Recover Faster

Dubai: New Dh1.5 Billion Stimulus Package to Help SMEs Recover Faster

The new stimulus package will help businesses cruise in the third quarter.

The additional stimulus package announced by the Dubai government on Saturday will expedite the recovery of the economy, especially the small and medium businesses, say senior members of the local business community.

"There is good support and facilities provided by the government departments. For instance, licences are renewed without Ejari. The new stimulus package will help us cruise in the third quarter and expect to perform even better in the last quarter. It will expedite recovery for small and medium businesses," said Tawhid Abdullah, chairman of the Dubai Gold and Jewellery Group.

The Dubai government on Saturday announced a new Dh1.5 billion stimulus package to reduce the cost of doing business, support SMEs and increase liquidity in the market. The incentives covered refund of tourism fee, expeditious payment to contractors and support for private schools in terms of cancellation of fines and fee exemptions till the end of this year.

Ayman Ashor, general manager for Al Bandar Rotana and Al Bandar Arjaan, said the new stimulus is very positive for the private businesses, especially the hospitality sector.

"In the past three months, Dubai Municipality reduced fee from seven per cent to 3.5 per