UAE stimulus package provides more relief to economy, investors
Chairman, Bu Abdullah Group of Companies, says that the move will boost the morale of the business community in the UAE and will help retain UAE’S position as a safe haven
The UAE Rulers’ initiatives keep us motivated. The country has recently approved an additional support package of Dhs16 billion, bringing the total stimulus package to Dhs126 billion.
The additional Dhs16 billion economic stimulus package will further provide the relief to the local economy.
This was stated by Dr Yaqoub Mousa, Chairman, Bu Abdullah Group of Companies, adding that the package will help retain UAE’S position as a safe haven for investors.
“The move will boost the morale of the business community in the UAE,” he added.
He mentioned that the new decisions by the UAE leadership stepping up precautionary measures to contain the impact of the COVID-19 pandemic are aimed to protecting people’s health and safety and ensuring business continuity at all sectors.
“The country’s visionary leadership is positively responding to the challenges with grace and resilience,” he added.
Dr Yaqoub echoed that the UAE has adopted a series of policies that appear to have prevented a full-scale outbreak on its territory as well as preserve its vital commercial ties to Asia.”
“While many nations around the world have seen both, medical and economic fallout in recent weeks, with Southeast Asia being dealt a serious blow, the UAE’S balanced approach is one that can and should be replicated.”
“Fortunately the UAE is rising to the challenge with several measures to secure the health of residents, through best practices that ensure that effective management of buildings reduces the risk to a minimum,” he added.
Meanwhile, Bu Abdullah Group has launched a campaign in Bu Abdullah Real Estate located in Ajman by the name “We can and We will “.
Dr Yaqoub Mousa distributed masks, gloves and sanitizers along with his team to labourers and people of Ajman to protect themselves from the Corona Virus.
He insisted the residents to follow the rules and regulations given by the government which can help in tackling this deadly virus and to maintain social distancing.
He noted that the country has taken a proactive approach, implementing preventative measures to ensure that business remains prosperous.
“The UAE’S preventative measures have ensured that its economy and businesses won’t dwindle. In fact, the WHO recently praised the UAE’S handling of the crisis saying, “What we’ve seen from the United Arab Emirates is a tremendous response [to the virus].”
BU Abdullah group is famous business panel which consists of more than 200 companies, including Bu Abdullah real estate and Bu Abdullah Business consultancy are top of the list. Dr. Yaqoub Mousa is highly qualified person and got various awards and prizes from govt and other organizations.
He was awarded as the Young Emarati Entrepreneur by Sheikh Nahyan Mubarak Al Nahyan at the 1st Tolerance and Humanitarian Awards. He was also crowned with ‘Dynamic Emarati Entrepreneur 2019 Award’ at the Indo Arab Awards by Ramdas Bandu Minister of state for social justice and Empowerment
Meanwhile, Al Hamra, the leading real estate developer, services provider and investment company in the Northern Emirates, has created an economic relief package which includes several initiatives to help ease the financial burden of its valued mall tenants, freehold owners, residents and customers, impacted by the Covid-19 outbreak.
The announcement is in line with the UAE Government and Ras Al Khaimah’s objectives to support the economic environment and boost financial stability. The initiatives include up to 3 months rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.
Dedicated teams have been deployed to assess specific requirements of various businesses and individuals to provide economic relief and support. The tasked force is also reassessing cost-effectiveness of operations in order to pass on the benefit to the end users and customers.
Benoy Kurien, Group CEO of Al Hamra, said: “We have been proud partners in shaping the real estate landscape of Ras Al Khaimah and this pride comes with a responsibility to the Emirate as well as to our partners and consumers who have contributed to our success. This pandemic is reshaping the way we think about community and has made one thing strikingly clear: our interdependence. We are working closely with our stakeholders to ensure that we recover from this period together, stronger and more resilient.