Dubai announces AED 1.5 billion new stimulus package

Hamdan bin Mohammed: Under the directives of His Highness Sheikh Mohammed bin Rashid .. We approved today a new stimulus package worth 1.5 billion dirhams, bringing the total incentive packages to 6.3 billion dirhams .. We aim to enhance the liquidity of companies, support their business continuity, reduce their cost and facilitate procedures.

Hotel establishments and restaurants 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.

We have directed to expedite the financial dues payments to contractors, as well as to return all financial guarantees for construction and building activities related to the commercial licenses deposited, and to replace it by another system that guarantees all the rights of the contracting parties, His Highness added.

We have approved the initiative to cancel fines and exempt private schools from the renewal fees of the commercial and educational licenses until the end of December.