Dubai unveils Dh500m extra stimulus package

TOTAL VALUE OF INCENTIVES SOARS TO DH6.8 BILLION

Dubai yesterday announced a Dh500 million additional economic stimulus package to support the local economy.

“Under the directives of His Highness Shaikh Mohammad 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,” Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council tweeted.

Emphasising the role of private sector in the economy Shaikh 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.

Validity of fee exemptions extended

“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,” Shaikh Hamdan added.

Apart from the new initiatives ( listed in the box above) Dubai also extended the validity of some fee exemptions announced earlier in the year.

All penalties related to government registrations continue to be waived andmarket fees for all sectors be frozen.

Permit fees for the retail sector will remain frozen until the end of November while all government fees on ticket sales and permits for entertainment and business events will also remain frozen.

Dubai rolledout its first economic stimulus worth Dh1.5 billion to support companies and the business sector. A second package worth Dh3.3 billion followed on March 29 was followed by another one worth Dh1.5 billion on July 11.

To support the local economy, Dubai has announced stimulus measures worth a cumulative Dh 6.8 billion this year.

March 12