25 Oct 2020

Dubai announces Dh500m stimulus to support local economy

Waheed Abbas
Dubai announces Dh500m stimulus to support local economy
These stimulus initiatives will last until the end of the year.

The Government of Dubai on Saturday announced an additional Dh500 million stimulus package to help local economy cope with the impact of the Covid-19 pandemic and expedite economic recovery.

The new Dh500-million stimulus initiative covers advertising permit fee exemption for all companies registered with the Dubai Municipality for three months; six-month licence extension for nurseries, clinics and healthcare professionals; 50 per cent rent reduction for nurseries from the Knowledge Fund Establishment; licence renewal exemption for all nurseries in Dubai; and taxi concession fees reduction to enhance liquidity in the sector

These stimulus initiatives will last until the end of the year.

In addition, certain previous stimulus initiatives have been extended until the end of year, including waiver for all penalties related to government registration; freeze on market fees and fees on ticket sales and permits.

"We realise the pandemic has imposed great challenges on several business sectors at a global level, and our goal is to fully overcome these challenges locally and accelerate recovery to establish a new phase of economic growth," said Sheikh Hamdan.

He said the private sector is a major partner in Dubai’s continued progress. "We have now approved a fresh set of fee exemptions and rent reductions for some sectors, as well as an extension on the validity of a previous set of fee exemptions."

View all Dubai Events are back on
Loading

DWTC

Organised by

UAE FEDERATION

Strategic Partner

ayan

Supporting Partner

Le Grand

Media Partner

Arab Horse

Media Partner

Al Badia

Media Partner

Elite

Media partner

Equine

Media Partner

Horse and Horseman

Media Partner

alpha

Official Travel Partner

emirates

Official Airline