Under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Government on Thursday took to social media to announce an AED1.5 billion economic stimulus package for the next three months, due to the Coronavirus outbreak to support the business sectors in Dubai.
The Covid-19 outbreak has severely impacted the global economic situation, thus this newly launched stimulus package is aiming to provide the highest support for citizens, expats and investors in the UAE under these exceptional circumstances. As the package seeks to enhance liquidity and reduce the overall impact of the current global slump.
Announced by, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai the stimulus package developed by Dubai Government includes 15 initiatives consisting of the commercial sector, retail, external trade, tourism, and the energy sector. The package is meant to have a positive direct and indirect impact on all other sectors as well, over the next three months.
The package also includes an initiative that helps in reducing the cost of living and doing business in the UAE for citizens, residents and businesses by reducing 10% of the water and electricity bills
The first initiative will see a 10% reduction in water and electricity bills from residential, commercial and industrial sectors, for a period of THREE months. The second initiative reduces the deposit amount that’s paid for your water and electricity connections by 50%.