Arabian Gulf

Dubai has announced a new economic encouraging packages with a value of $136 mln

According to a declaration by the crown prince of the emirate, Dubai has declared a new economic series with a value of $136 mln (AED 500 million) for backing numerous business domains.

This new series increased currently the total value of encouragement packages introduced by the Dubai government this year to $1.8 bln (AED 6.8 billion).

Sheikh Hamdan Bin Mohammed Al-Maktoum, Dubai’s crown prince, said in a tweet: We realize 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.

He also added that 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.

Dubai’s crown prince also declared initiatives about the exemption of government fees on the private sector and the prolongation of many fees that were already ratified over the preceding stimulus packages.

Moreover, Sheikh Hamdan also ratified prolonging the validity of certain of the initiatives declared in the previous stimulus package for three months until the end of 2020 for backing the private sector to face the consequences of the pandemic.

In a report of the Emirates News Agency: These include extending the freeze on market fees levied on all sectors in Dubai until the end of 2020. The exemptions for traditional commercial vessels registered locally in the UAE from docking fees at Dubai Port and Hamriya Port (including direct and indirect loading fees) will also be extended.

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