The Crown Prince of Dubai and Chairman of The Executive Council of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched an AED500 million economic stimulus package to support various business sectors across the economy.
The new package brings the total value of stimulus packages introduced by the emirates’ government in 2020 to AED6.8 billion.
The deal came under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.
The stimulus package is aimed at mitigating the impact of the current global economic situation on businesses and support them to overcome the current exceptional circumstances.
“We strive to support the business sector while working together to counter the negative effects of the COVID-19 pandemic. The business sector is at the heart of our economy. We are keen to revive the business environment and open new horizons for entrepreneurs and investors in line with Dubai’s future aspirations,” Sheikh Hamdan said.
Highlighting the importance of the small and medium-sized enterprises (SMEs), He said: “We are working as one integrated system, and our main goal is to accelerate the pace of recovery and ensure that the economy can tide over this phase.”
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