UAE boosts stimulus to $34bn to fend off virus impact

The nation’s central bank earlier this month rolled out a $27bn package



The United Arab Emirates boosted the size of its stimulus package to $34bn as the second-biggest Arab economy seeks to fend off the impact of the coronavirus.

The cabinet approved an additional support package of Dhs16bn, bringing the total size to Dhs126bn, according to a tweet by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, who is also the prime minister of the UAE.

The nation’s central bank earlier this month rolled out a $27bn package of measures to support its banks.

Abu Dhabi and Dubai, which are part of the UAE, have also announced separate measures.