Dubai has released its third economic stimulus package to support businesses and companies during COVID-19. The support package, under the directives of Dubai Crown Prince and Chairman of Dubai Executive Council, worth $408 million (AED1.5 billion) has been approved for the business sector.
"We aim to enhance the liquidity of companies, support their business continuity, reduce their cost and facilitate procedures," Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum announced on Saturday.
So far, Dubai has released a total of $1.7 billion (AED6.3 billion) in three stimulus packages to revive the ailing economy of the country. The first package was worth $408 million, and it covered 15 initiatives, while the second package was valued at $898 million to support 8 initiatives, which included relief for rental payments, return of security deposits and more.
Here are the details of the third package, which covers a total of 18 initiatives, which include waiving of teaching and business licenses for schools and more. Read on to find out more:
Dubai's $408 million COVID-19 stimulus package
According to Sheikh Hamdan, hotels and restaurants will receive a refund of half of the hotel sales value fee of 7 percent for the period from July to December 2020. In addition, there's also a refund of half of the tourism dirham fee until the end of December.
"We trust the flexibility and durability of our economy. We stand together with the private sector to cross this stage very quickly. We are keen to get businesses back to normalcy as soon as possible and reaffirm our commitment to supporting all economic sectors," Sheikh Hamdan tweeted.
