Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and chairman of the Executive Council, announced a second economic stimulus package on April 8 to help businesses in the emirate cope with the economic fallout of the ongoing Covid-19 crisis, reported news agency WAM.
Sheikh Ammar announced the postponement of the payment of fines and penalties for all businesses in the emirate until the end of the current year.
He also announced a slew of other measures to provide relief to businesses operating across foreign trade, customs, tourism, real estate and other economic establishments too.
Foreign trade and customs sector
The crown prince introduced five incentives for the foreign trade and customs sector, the three highlights of which are as follows:
– The possibility of paying customs duties with easy payments within 90 days
– Extending the free period for storing containers from 10 to 20 days
– Reducing container insurance fees by 50 per cent for each container until the end of June 2020
Real estate sector
The crown prince issued 11 directives to support the real estate sector, with the most significant incentive being the cancelling of administrative fines for all violations related to real estate registration renewals.
Sheikh Ammar’s directive will support the tourism sector through three new decisions which are:
– Exempting hotel and tourism establishments from registration fees until the end of the current year
– Cancelling penalties
– Postponing the payment of fines due at the end of the current year
While announcing these incentives, Sheikh Ammar said that the Ajman government is working during these exceptional circumstances to support the local community, individuals, business leaders and investors, by implementing precautionary and preventative measures to face the repercussions of the current crisis, ensure the security and stability of the community and create opportunities for growth and progress under the most difficult circumstances.
The UAE has already announced a separate stimulus package of Dhs126bn to support businesses in the country through this period.
The governments of Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah and Ajman have all announced separate packages to help businesses within their respective emirates to cope with the financial impact of the crisis.