Dubai comes out with new COVID-19 economic support
August 10, 2020
Middle East

Dubai comes out with new COVID-19 economic support worth over $400 million

DUBAI (UAE) – Dubai has come out with a new package to the tune of 1.5 billion dirhams (£323.26 million) to help the economy cushion the effect of the pandemic, crown prince Hamdan Bin Mohammed Al-Maktoum said on Twitter on Saturday.

It is the third to be announced by the Emirate, which is the second-wealthiest member of the UAE federation. The three packages amount to 6.3 billion dirhams, Sheikh Hamdan said.

As part of the latest package, certain fines imposed by the government and customs department will be waived and there will be tax reimbursements for hotels and restaurants. It also includes financial guarantee refunds to the construction sector. Private schools will be exempted from licensing renewal fees.

At the federal level, there were measures to cushion the effect of the pandemic crisis. The UAE central bank took steps to ease financial and liquidity requirements on lenders and businesses.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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