Dubai govt announces Dh500m stimulus to support local economy

Dubai, Oct 25: The Government of Dubai on Saturday announced an additional Dh500 million stimulus package to help local economy cope with the impact of the Covid-19 pandemic and expedite economic recovery.

This took the total stimulus package announced by the emirate to Dh6.8 billion this year, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.

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 Dh500-million stimulus initiative covers advertising permit fee exemption for all companies registered with the Dubai Municipality for three months; six-month licence extension for nurseries, clinics and healthcare professionals; 50 per cent rent reduction for nurseries from the Knowledge Fund Establishment; licence renewal exemption for all nurseries in Dubai; and taxi concession fees reduction to enhance liquidity in the sector.

These stimulus initiatives will last until the end of the year.

In addition, certain previous stimulus initiatives have been extended until the end of year, including waiver for all penalties related to government registration; freeze on market fees and fees on ticket sales and permits.

"We realise the pandemic has imposed great challenges on several business sectors at a global level, and our goal is to fully overcome these challenges locally and accelerate recovery to establish a new phase of economic growth," said Sheikh Hamdan.

He said the private sector is a major partner in Dubai’s continued progress. "We have now approved a fresh set of fee exemptions and rent reductions for some sectors, as well as an extension on the validity of a previous set of fee exemptions."