Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai launched the third stimulus package with a value of 1.5 billion dirhams, to be added to the previously launched stimulus packages, and included the first package with a value of 1.5 billion dirhams, followed by the second package with a value of 3.3 billion dirhams, bringing the total incentive packages provided by the emirate during the past few months to 6.3 billion dirhams.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has approved the third package of economic incentives, to support a number of sectors in the emirate, with the aim of enhancing the financial liquidity of companies, supporting the continuity of its business, reducing the cost of doing business, and facilitating procedures, Especially for small and medium companies and a number of strategic sectors.
Exceptional challenges
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed that the world lives today under exceptional and unprecedented challenges, which necessitates strengthening solidarity and cohesion in line with the scale of the challenge and the weight of the current global circumstance.
His Highness stressed the commitment of the Dubai government to continue its efforts to mobilize the necessary capabilities to support all economic sectors, to ensure strengthening its ability to overcome the repercussions of the pandemic “Corona” crisis, based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, aimed at alleviating the repercussions and effects of the crisis, and in a manner that enhances Business continuity and contributes to accelerating the economic recovery to continue our development path.
Solid foundations
His Highness, the Crown Prince of Dubai said: “Our economy is strong and based on solid foundations, and it has a high degree of flexibility that enables us to deal efficiently with various international conditions and changes. We stand with one side with the private sector to overcome this stage with firm will and unwavering determination.”
His Highness continued, “We are keen to return business to normalcy as soon as possible, with an emphasis on continuing our commitment to support all economic sectors; We work for the future with the thought and vision of an exceptional leader who chose leadership and precedence, winning his most prominent title and his first strategic choice, and we learned from our ancestors to conquer the impossible, as we are the people of his dreams that do not stop and his ambitions are not broken ».
Business Development
His Highness pointed out that with the successive government initiatives to support and support the economic sectors at these times, investors and entrepreneurs have a responsibility to develop their businesses in a way that keeps pace with the global market changes, and continue to explore opportunities and enhance their readiness for the future.
Small businesses
His Highness stressed that small and medium companies constitute a fundamental nerve of the national economy, and a strong engine for the transition towards a competitive competitive economy based on innovation and knowledge, noting that directing government policies towards supporting this sector has become an imperative necessity in light of the conditions the world is currently witnessing as one of the most sectors Vulnerable to the economic impacts of the outbreak of the emerging Corona virus.
His Highness said that the Emirate of Dubai will maintain its position as an incubator and destination for entrepreneurs and owners of small and medium enterprises.
His Highness the Crown Prince of Dubai continued: “The SME sector has a great strategic value, and it is a major contributor to supplying the emirate’s gross domestic product. Towards a diversified knowledge-based economy. ”
Hamdan bin Mohammed:
Our economy is strong and highly resilient, enabling us to deal efficiently with global changes.
We work for the future with the thought and vision of an exceptional leader who chose leadership and precedence ... and winning his most prominent title and strategic choice.
The world lives in the shadow of exceptional and unprecedented challenges, which necessitates strengthening solidarity and cohesion.
Investors and entrepreneurs have a responsibility to develop their businesses to keep pace with global market variables.
Support initiatives for the end of September 2020
It was decided to extend the period of validity of some of the initiatives announced in the first package for an additional three months until the end of September 2020, to continue supporting the private sector to face the negative effects and recover from the crisis, which includes:
The 2.5% market fee freeze initiative.
- Canceling all delay fines for all government services (such as accumulated fines due to delays in renewing business licenses), and removing them from renewing commercial licenses.
Renewing commercial licenses without mandatory renewal of lease contracts.
- Eliminating the 25% down payment requirement for accepting installments for the government licensing fees.
- Renewing the license monthly and without a minimum.
- Exemption from fees imposed on making downloads and commercial offers.
Extending the validity of exemption for traditional commercial vessels
The exemption of the initiative to exempt traditional commercial boats registered locally in the country from the berthing fees at Dubai Harbor and Al Hamriyah Port will be extended, including:
- Direct and indirect download fees.
- Cancellation of the bank or cash guarantee required to practice the customs clearance activity specified in an amount of 50 thousand dirhams.
Returning the bank and cash guarantees provided to the existing customs clearance companies.
Reducing the fees for submitting customs documents to companies from 50 dirhams to five dirhams for each transaction and for the customs data that has been completed.
- Eliminating the requirement of the bank instrument when submitting customs complaints applications to facilitate and expedite the resolution of customs complaints requests.
Small and medium-sized companies
The percentage of small and medium-sized companies is 99% of the total companies operating in Dubai, and they contribute about 46% of the gross domestic product at a time when they attract about 51% of the workforce in the emirate.
Classification fees for hotels
Extending the validity of the initiative to freeze the application of classification fees to hotels, ticket fees and issuance of permits, and other government fees for entertainment and business events.