Sheikh Mohammed bin Mohammed bin Rashid Al Maktoum announced on his Twitter account that Dubai has increased the stimulus packages to AED1.5-billion, increasing the total worth of all packages to AED6.3-billion.
The announcement was under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.
The additional stimulus package is part of the government’s initiative to support business continuity and reduce the cost of doing business.
Under the directives of @HHShkMohd, we launched Dubai’s 3rd stimulus package worth AED1.5 billion, increasing the total worth of all packages to AED 6.3 billion. We aim to reinforce the liquidity of companies, support business continuity & reduce the cost of doing business. pic.twitter.com/05JEO1od9x
— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020
As part of the package, hotel establishments & restaurants will be refunded 50% of the municipality fee on sales, which stands at 7% between July & December, 2020. Hotel establishments & restaurants will be refunded 50% of the ‘Tourism Dirham Fee’ until the end of December.
— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020
We also directed expedited payment of financial dues to contractors, as well as the return of financial guarantees for construction sector activities related to commercial licenses, to be replaced by another system that guarantees all rights of the involved parties.
— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020
We also approved an initiative to waive penalties for private schools and allow the free renewal of their commercial and educational licenses until the end of December.
— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020
The flexibility and durability of our economy is an advantageous factor & we will support the private sector to quickly overcome this phase. We are keen on businesses returning to normalcy, & we reaffirm our commitment to support all economic sectors in Dubai.
— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020
We look forward to a great future led by @HHShkMohd’s vision, an exceptional leader with exceptional goals. We learned from our elders to conquer the impossible.. now our ambitions are high and we aspire for the best.
— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020
