The UAE government has announced a new economic support package worth $136 million to support regional businesses in overcoming the hardships of COVID-19 induced slowdown.
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed shared the news about the new stimulus package on his Twitter handle.
Under @HHShkMohd’s directives, we announce a AED500 million stimulus package to support the local economy, bringing the total worth of stimulus packages announced this year to AED6.8 billion. pic.twitter.com/X4YCmU5X0e
— Hamdan bin Mohammed (@HamdanMohammed) October 24, 2020
The new support package takes the total sum of economic support offered by the UAE this year to $1.85 billion.
Benefits
- All organizations registered under the Dubai municipality have been exempted from paying the advertising permit fee for the next 3 months.
- Nurseries, clinics and healthcare professionals will get their licenses extended by another 6 months.
- Nurseries will also be able to claim 50 percent in rents from the Knowledge Fund Establishment along with an exemption from license renewals.
- Concession fees for taxis have also been reduced.
Extensions on existing benefits
- The UAE government will continue to waive any penalties associated with government registrations
- Market fees for all sectors have been frozen along with government fees on ticket sales and registrations for entertainment and business events.
- The retail sector will benefit from frozen fees until the end of November 2020.
Speaking on the contribution made by the private sector to the UAE economy, the Crown Prince tweeted that “The private sector is a major partner in Dubai’s development process. 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.”
“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.
