He emphasized that the flexibility of Dubai's economy enabled the emirate to adapt to the new reality

Hamdan bin Mohammed adopts an economic stimulus package of half a billion dirhams

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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, confirmed that the resilience of Dubai's economy has enabled the emirate to adapt to the changes imposed by the new reality, stressing his Highness to continue efforts to strengthen and support the business sector in Dubai, to mitigate the negative impacts The economic situation the world is going through, and alleviating the burdens on companies, and stimulating their ability to face exceptional circumstances.

His Highness the Crown Prince of Dubai said yesterday: “Today we approved a package of economic incentives worth half a billion dirhams, bringing the total stimulus packages to the economy this year to 6.8 billion dirhams, in support of the continuity of the sectors operating in Dubai, which reinforces our continuous endeavor to mitigate the repercussions of the current circumstances. And enable the march of economic growth ».

And His Highness added: "Our message is clear, and it confirms our concern for the interests of the business community, and its support in facing challenges and overcoming obstacles to enhance its growth, as it is a partner for our journey, the backbone of our economy, and an essential supporter to preserve our gains."

His Highness added: “We learned from Mohammed bin Rashid to extract opportunities from the hollow of challenges, and through economic stimulus initiatives, we seek to revitalize the business environment that would provide new opportunities for business owners and investors, and open the way for them to develop their capabilities in a way that keeps pace with the future visions and directions of the emirate.” .

His Highness added: “We work as a single integrated system, and our primary goal is to accelerate the pace of recovery, and to ensure the protection of the economy and to cross these conditions with confidence, in preparation for the next stage.”

The current situation requires the coherence of work paths to support the economic sectors to maintain their business continuity, especially the small and medium companies sector, and the strategic sectors, to create a flexible economic environment that can adapt to global changes.

His Highness the Crown Prince of Dubai approved several new economic initiatives to support various business sectors, as His Highness approved the exemption of affected advertising companies from advertising permits fees of Dubai Municipality for a period of three months, with retroactive effect from March 15 to June 16.

And for private nurseries, His Highness has adopted a set of initiatives to exempt private nurseries operating in the emirate from fees for renewing commercial licenses, extending licenses for existing clinics in nurseries, and extending licenses for health professionals working in nursery clinics for a period of six months from the date of expiry of the license, in addition to reducing the rent by 50% for nurseries. The lands belonging to the Knowledge Fund Foundation until the end of this year, in addition to the approval of His Highness the initiative to support the taxi sector by amending the calculation of franchise fees to enhance the financial liquidity of operating companies.

His Highness also approved the extension of the validity period of some initiatives announced in the previous economic stimulus packages, for an additional three months until the end of this year, to continue supporting the private sector to face the negative impacts and recover from the crisis, which includes extending the freeze on market fees for all sectors until the end of 2020, and extending the validity of the initiative Exemption of traditional commercial vessels registered locally in the country from berthing fees at Dubai and Hamriyah ports, and includes direct and indirect loading fees, and cancellation of the bank or cash guarantee required to practice customs clearance activity, which is set at an amount of 50 thousand dirhams, with the return of bank and cash guarantees provided to existing customs clearance companies Currently, the fees for submitting customs documents to companies have been reduced from 50 to five dirhams for each transaction, and for the customs data that have been completed, and the abolition of the banking instrument requirement when submitting customs grievance requests, to facilitate and accelerate the settlement of customs grievance requests.

In the tourism, entertainment and events sector, it was decided to extend the validity of the initiative to freeze the application of ticket fees, issuance of permits and other government fees on entertainment and business events until the end of this year, and extend the freeze on the application of retail sector permits until the end of next November.

His Highness also approved the extension of the validity of the initiative to cancel all delay fines on all government services, and to disengage from the renewal of commercial licenses, the initiative to renew commercial licenses without compulsory renewal of lease contracts, and the initiative to cancel the first payment requirement set at 25% to accept installment of government fees for the license and renew the license on a monthly basis. Without a minimum, until the end of this year.

These initiatives are in addition to the many initiatives that have been approved to extend their validity until the end of the current year, including the initiative to cancel fines and exempt private schools from fees for renewing commercial and educational licenses, and to extend the period of temporary admission for artworks loaned and imported through the emirate of Dubai ports, so that the decision includes artistic works All that entered the emirate from the beginning of the fourth quarter of 2019 and did not leave the emirate to date, re-fees for hotel sales to 7% and re-fee of the tourism dirham, provided that hotel establishments and restaurants recover 50% of the fee until the end of this year, and the initiative to exempt from all fees Postponement and cancellation of entertainment and sporting events and activities, including exhibitions and conferences.

Crown Prince of Dubai:

• The private sector is a partner in our path, the backbone of our economy, and a fundamental supporter for preserving our gains.

• Our message is clear and confirms our concern for the interests of the business community, even in the most difficult circumstances.

We work as a single integrated system, and our primary goal is to accelerate the pace of recovery in preparation for the next stage.

New support initiatives for the end of 2020

Exempting the affected advertising companies from the advertising permits fees of Dubai Municipality for a period of 3 months.

Exemption from private nurseries operating in the emirate from commercial license renewal fees.

Reducing rent by 50% for nurseries on the lands of the Knowledge Fund Foundation.

Extending licenses for health professionals and clinics operating in nurseries for a period of 6 months from the date of their expiry.

- Supporting the taxi sector by amending the franchise fee calculation to enhance the financial liquidity of operating companies.

Extending the validity of initiatives to the end of 2020

Freezing market fees for all sectors.

Freezing the application of ticket fees, issuance of permits, and other fees

Governmental activities for entertainment and business.

Renewal of commercial licenses without mandatory renewal of lease contracts.

Canceling all demurrage fines for government services.

• 6.8 billion dirhams total economic stimulus packages.

Dubai will witness

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