Dubai, new economic support totaling 70 mn for pandemic


(ANSAmed) – NAPLES, JANUARY 8 – The Dubai government has
released a new tranche of 315 million dirhams (69.7 million
euros) from its economic stimulus package, bringing the total of
government incentives for coping with the coronavirus pandemic
to 7.1 billion dirhams (1.5 billion euros). Unveiling the new
stimulus, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum,
Crown Prince of Dubai and Chairman of the Executive Council of
Dubai, said the package extends the validity of some previously
announced initiatives for another six months, from January to
June. Dubai daily The Khaleej Times reported Sheikh Hamdan
said the government’s efforts to reduce the impact of the global
crisis, accelerate the pace of recovery of economic sectors and
provide necessary means to ensure business continuity, are in
line with the directives of His Highness Sheikh Mohammed bin
Rashid Al Maktoum, Vice-President and Prime Minister of the UAE
and Ruler of Dubai. “Despite the challenges imposed by the
pandemic, our economy is steadily recovering,” Sheikh Hamdan
said. “We have the capabilities and resources that enable us
to achieve economic excellence and accelerate the recovery of
our various business sectors. We are confident the next phase
will bring new opportunities for entrepreneurs and investors,”
he said. Dubai’s latest round of incentives comes in addition
to a host of fiscal stimulus measures introduced across the
nation by the Central Bank of the UAE, which opened a
22-million-euro fund that directly impacted more than 321,000
beneficiaries through November 2020, including 310,000
residents, 1,500 companies and 10,000 small and medium
enterprises. In addition, the UAE Cabinet allocated 3.5
billion euros to support the national economy. The new support
initiatives also involve hotels: non-beach hotels and their
restaurants will receive a 50% refund of revenue lost due to the
pandemic. In addition, the relief package extended the
exemption from the fees charged for postponement and
cancellation of recreational and sports events and activities,
including conferences and exhibitions.(ANSAmed). (ANSA).