Hotels And Restaurants Are Among Those To Benefit From A New Government Relief Plan Worth AED 1.5 Billion
Under the directive of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council announced on Saturday, July 11 that a new economic stimulus package of AED1.5 billion has been approved for the business sector.
The latest stimulus package brings the total incentive package to AED6.3 billion. Explained by Sheikh Hamdan himself, the newly introduced stimulus package is to;
- Enhance the liquidity of companies
- Support their business continuity
- Reduce their cost
- Facilitate procedures
Hotels and restos: These establishments will receive a refund for half of the hotel sales value fee of 7% for the period from July to December 2020, in addition to a refund of half of the tourism dirham fee, until the end of December
Construction: Authorities have directed quick financial payments to contractors, as well as the return of all financial guarantees for construction and building activities related to the commercial licenses deposited
This is to be replaced by another system that guarantees all the rights of the contracting parties.