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Sheikh Hamdan announces Dhs315m economic stimulus package for Dubai

Sheikh Hamdan announces Dhs315m economic stimulus package for Dubai

The total stimulus provided to the emirate’s economy since the start of the pandemic has risen to Dhs7.1bn

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, announced a fresh Dhs315m economic stimulus package on Wednesday.

The fifth economic stimulus package announced in recent months, it raises the total value of business incentives introduced by the emirate’s government since the start of the pandemic to Dhs7.1bn.

The Dhs315m package extends the validity of some of the initiatives announced in the previous stimulus packages for another six months, starting from January 2021 until June 2021.

The approved initiatives include exempting commercial establishments and hotels that did not benefit from the reduction in previous packages launched in 2020 from the market fees one time during 2021.

Sheikh Hamdan also directed that non-beach hotels and their restaurants are refunded 50 per cent from the hotel sales fee as well as the Tourism Dirham Fee.

To aid the tourism entertainment and events sector, the exemption from the fees charged for postponement and cancellation of recreational and sports events and activities, including conferences and exhibitions, has been extended.

The new package also extends the freeze on fees charged for ticket sales, issuing permits and other government fees imposed on entertainment and business events.

Commercial licenses can still be renewed without mandatory renewal of lease contracts.

The package also extends the cancellation of the 25 per cent down payment requirement for accepting installments of licensing fees and license renewal on a monthly basis.

Also, nurseries leasing land lots from the Knowledge Fund Establishment will continue to benefit from the 50 per cent reduction in land rent.

“Despite the challenges imposed by the pandemic worldwide, our economy is steadily recovering. 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,” said Sheikh Hamdan.

The latest economic stimulus package which was based on the recommendations of the Dubai Economy Support Committee, comes weeks after the Crown Prince unveiled a Dhs500m package on October 24 that was aimed at helping businesses affected by the Covid-19 pandemic.

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