Under the directives of Mohammed bin Rashid .. and the approval of Hamdan bin Mohammed

Dubai raises the value of economic incentives to 7.1 billion dirhams

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In implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, approved a fifth package of economic incentives, worth 315 million dirhams, to increase this The total economic stimulus packages provided by Dubai since the start of the global "Corona" crisis early last year, to more than 7.1 billion dirhams.

His Highness, the Crown Prince of Dubai, said: “Despite the challenges posed by the pandemic at the global level, the emirate’s economic situation is constantly improving.”

His Highness affirmed to move confidently and vigorously towards recovery, and the return of normal life in Dubai.

Hamdan bin Mohammed: "We are proceeding with confidence and strength towards recovery and the return of normal life in Dubai." "We carefully study the dimensions of the current situation and its developments, to develop practical strategies that allow us to deal efficiently and effectively with this stage." "Our economy is constantly improving ... and we have the ingredients that enhance our ability to lead." "We use all resources and capabilities to make Dubai the city most prepared for the future."

Practical strategies

In detail, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, affirmed that “the Dubai government continues to study the dimensions of the current situation and its developments, in light of the exceptional circumstances the world is going through, in order to develop practical strategies that allow us to deal efficiently and effectively with This stage, and containing the repercussions of the pandemic crisis (Corona) on the business environment and the economic climate in the emirate.

His Highness stated that “the efforts of the Dubai government come pursuant to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the State and Ruler of Dubai, aimed at mitigating the effects of the global crisis, providing the necessary ingredients for business continuity, and accelerating the pace of recovery to preserve our economic gains. And to make the most of all available opportunities in the post-pandemic phase, ”affirming His Highness to continue to harness all resources and capabilities, so that Dubai is the city most prepared for the future and attractive to investment.

Fifth package

His Highness, the Crown Prince of Dubai, said: “In implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we have adopted a fifth package of economic incentives to support a number of economic sectors in Dubai, to advance our development process in preparation for the next phase of growth ... and we are moving confidently and strongly towards recovery. The return of normal life in Dubai ».

His Highness added: “Despite the challenges posed by the pandemic at the global level, our economic situation is constantly improving, and we have the ingredients that enhance our ability to achieve leadership, and this has been reflected in the rapid pace of recovery of various sectors and economic activities, while surpassing the effects of the current global situation, The next stage will carry new opportunities that entrepreneurs and investors can benefit from.

New initiatives and extension

The value of the new economic incentives package, approved by His Highness, the Crown Prince of Dubai, amounted to 315 million dirhams, based on the recommendations submitted to His Highness by the Dubai Economy Support Committee, headed by His Highness Sheikh Ahmed bin Saeed, Second Deputy Chairman of the Executive Council, with the aim of continuing to support various economic sectors. It included extending the validity period of some of the initiatives announced in previous economic stimulus packages, which expired at the end of December 2020, for another six months, from January to June 2021, to prepare for the start of the economic growth process again, and to resume economic activities as usual, to increase This brings the total economic stimulus packages that Dubai has provided since the start of the global crisis early last year, to more than 7.1 billion dirhams.

Markets fees

The initiatives adopted by His Highness include: Exemption from market fees for all commercial establishments and hotels, granted only once during 2021 to sectors that did not benefit from the reduction in previous packages during 2020, to ensure justice and benefit everyone.

His Highness directed that non-beach hotel establishments and restaurants operating in them be refunded 50% of the hotel sales fee (equivalent to 3.5% of the total fee), as well as the tourism dirham fee.

Entertainment and events

In the tourism, entertainment and events sector, the exemption from all postponement and cancellation fees for all entertainment and sports events and activities, including exhibitions and conferences, was extended, and the freeze on the application of ticket fees, issuance of permits, and other government fees on entertainment and business events was extended.

Renewal of licenses

His Highness the Chairman of the Executive Council also approved the extension of the validity of the initiative to renew commercial licenses without compulsory renewal of lease contracts, the abolition of the 25% down payment requirement for accepting installments of the government fees for the license, the renewal of the license on a monthly basis and without a minimum, in addition to the extension of the rent reduction by 50 % For nurseries on the lands of the Knowledge Fund Foundation.

Proactive initiatives

Despite the negative repercussions of the outbreak of the new Coronavirus pandemic on the world's economies, Dubai has emerged as one of the cities that initiated proactive economic plans and initiatives, to enhance the effectiveness of dealing with potential challenges, with a focus on providing vital sectors with economic incentives to contain any negative repercussions, confirming its leadership and direction. Attracting innovators, entrepreneurs and investors.

The Crown Prince of Dubai approves a fifth economic package of 315 million dirhams

The next stage will witness new opportunities for entrepreneurs and investors.

To view the 5 packages of incentives, please click on this link.

To view new initiatives and extend the validity of others for a period of 6 months, please click on this link.

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