There’s a crisis and the Crown Prince of Dubai is not on the ball with solutions?! Urm not likely.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council recently announced an additional AED500 million stimulus package to help the local economy manage with the heavy economic impact of COVID-19.
This takes the total stimulus package announced by Dubai to AED6.8 billion this year.
However, this stimulus package will ONLY last until the end of 2020.
The newly introduced stimulus package will exempt advertising permit fees, waive government registration penalities, freeze government fees on ticket sales, permits and etc.
- The AED500 MILL stimulus initiative also covers;
- 6-month licence extension for nurseries, clinics and healthcare professionals
- 50% rent reduction for nurseries from the Knowledge Fund Establishment
- Licence renewal exemption for all nurseries in Dubai
- Taxi concession fees reduction to enhance liquidity in the sector
*Please note that the stimulus only covers advertising permit fees for all those companies with the Dubai Municipality for 3 months.
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
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
The Crown Prince further added that the private sector is a major partner in emirate’s continued progress.