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Dubai announces $408.4m stimulus package to combat coronavirus slowdown.

Latest amount brings total support provided by the government to $1.7bn throughout Covid-19 crisis.

Dubai has announced a AED1.5 billion ($408.4m) stimulus package to support the emirate’s economy during the ongoing financial crisis caused by the Covid-19 global pandemic.

The package was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and brings the total support provided by the government to AED6.3bn ($1.7bn) since the onset of coronavirus.

Measures include relief for the hospitality sector in the emirate, with municipality fees cut in half at 3.5 percent for the rest of the year. The tourism dirham fee will also be halved through to December.

In the announcement, made through Twitter, Sheikh Hamdan said: “We also directed the expeditious payment of financial dues to contractors, as well as the return of all financial guarantees for construction and construction activities related to the commercial licenses deposited with them ... to be replaced by another system that guarantees all the rights of the contracting parties.”

Sheikh Hamdan said: “We aim to enhance the liquidity of companies and support the continuity of their business and reduce the cost of doing business and facilitate procedures.”

Sheikh Hamdan said: “We trust in the flexibility and durability of our economy. We stand together with the private sector to move beyond this stage very quickly. We are keen to return business to normal as soon as possible and we confirm our commitment to support all economic sectors.”

Source: Arabian Business

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