Dubai: Under the directive of His Highness 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 that a new economic stimulus package of Dh1.5 billion has been approved for the business sector.
The total incentive package now is Dh6.3 billion. Sheikh Hamdan added, "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 per cent 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.
Authorities have directed expedited financial dues payments to contractors, as well as the return of 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.
He 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."
“We trust the flexibility and durability of our economy. We stand together with the private sector to cross this stage very quickly. We are keen to get businesses back to normalcy as soon as possible and reaffirm our commitment to supporting all economic sectors,” Sheikh Hamdan tweeted.
“We are working for the future under the directives of Sheikh Mohammad bin Rashid .. an exceptional leader who put leadership, precedence and victory as his first priority and always wanted the first place.. We learned from our ancestors to conquer the impossible .. Our ambitions have no limit,” Sheikh Hamdan added.