Dubai announces new Dh315 mn economic stimulus package

Dubai has announced new Dh315 million economic stimulus package. This brings the total value of Dubai's economic stimulus packages to Dh7.1 billion.

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council said, “We approved the fifth economic stimulus package in Dubai at a value of Dh315 million, bringing the total value of the economic packages to Dh7.1 billion. We continue to boost the ability of all sectors to overcome the global crisis impact.”

The decision to launch the new stimulus package is based on the recommendations of the Dubai Economy Support Committee, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of The Executive Council, to continue supporting all economic and business sectors in Dubai. The Dh315 million package extends the validity of some of the initiatives announced in the previous stimulus packages for another six months, starting from January 2021 until June 2021.

“The new package includes exemptions and extensions of previous initiatives ... and our goal is to spread the benefit to everyone and enable various economic activities to skip the current stage to resume the comprehensive development process with a solid partnership between the government and private sectors ... through which we work together to monitor future opportunities and make the most of them,” Sheikh Hamdan Bin Mohammed said in a tweet.