Dubai has launched its third stimulus package to ease the impact of the COVID-19 crisis on businesses. The packege comes under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.
Worth AED1.5 billion, the new package raises the value of business incentives introduced by the emirate’s government in the past few months to AED6.3 billion. The first stimulus package announced by the Dubai government was worth AED1.5 billion while the second was worth AED3.3 billion, reports official news agency WAM.
Crown Prince and Chairman of The Executive Council of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum emphasised the Government of Dubai’s commitment to continue supporting all economic sectors in overcoming the repercussions of the COVID-19 pandemic.
“Our economy is strong, has a stable foundation and has shown high resilience to crises, all of which enable us to effectively navigate any global challenge. We stand together with the private sector to overcome the impact of the pandemic. We are keen to help businesses renew their growth momentum as soon as possible,” Sheikh Hamdan bin Mohammed said.
The Crown Prince’s remarks came as he approved the third economic stimulus package launched by the Dubai government to support the recovery of sectors across the economy and mitigate the financial pressures faced by businesses. The stimulus package aims to support small and medium enterprises and a number of strategic sectors maintain business continuity by reducing operational costs.
Sheikh Hamdan pointed out that investors and entrepreneurs should keep pace with changing global markets, continue to explore new opportunities, and ensure they are prepared for the future. He stressed that the SME sector represents a key pillar of the national economy and plays a major role in helping Dubai maintain its status as a global destination for entrepreneurs and start-ups.
“SMEs constitute a highly strategic sector and are a major contributor to the emirate’s GDP. Supporting this sector in tiding over the current challenges is vital to accelerate our progress towards a diversified knowledge-based economy,” Sheikh Hamdan added.
SMEs account for 99% of all companies operating in Dubai, 46% of the GDP and 51% of the emirate’s workforce.
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