Dubai, new economic support totaling 70 mn for pandemic

Aid also to hotels, restaurants, events cancelled due to Covid

08 January, 15:38

    (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).

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