Dubai announces stimulus package of Dh500 million

Dubai: Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council on Saturday announced a Dh500 million economic stimulus package to support the local economy.

“Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we announce an economic stimulus package worth Dh500 million to support the local economy, bringing the total stimulus packages this year to Dh6.8 billion,” Sheikh Hamdan tweeted.

Emphasising the role of private sector in the economy Sheikh Hamdan said the sector needs support. “The private sector is a major partner in Dubai’s development process, and we have adopted a set of new exemptions for some fees and a reduction in rents for some sectors, as well as an extension of the validity of a previous set of exemptions from fees,” he said in a tweet.

“We are aware of the great challenges that the pandemic has imposed on various economic sectors around the world, and our goal is to overcome all these challenges and accelerate recovery and establish a new phase of economic growth,” Sheikh Hamdan added.