His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced the adoption of a new stimulus package worth 1.5 billion dirhams to enhance corporate liquidity and support the continuity of its business.
His Highness, through tweets on “Twitter”, stated that “under the direction of His Highness Sheikh Mohammed bin Rashid, we adopted 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 and support the continuity of their business, and reduce The cost of doing business and facilitating procedures. "
His Highness said: "We approved within the package a refund of hotel establishments and restaurants for half of the value of the hotel sales fee of 7% for the period from July to December 2020, in addition to a refund of half of the value of the tourism dirham fee and extending until the end of next December," directed "to accelerate the payment of financial dues to contractors, Likewise, the return of all financial guarantees for construction activities related to the commercial licenses deposited with it, provided that they are replaced by another system that guarantees all the rights of the contracting parties.
His Highness added: "We adopted the initiative to cancel fines and exempt private schools from fees for renewing commercial and educational licenses until the end of next December."
His Highness continued: "We trust in the flexibility and durability of our economy, we stand together with the private sector to move beyond this stage very quickly, we are keen to return business to normal as soon as possible and we confirm our commitment to support all economic sectors."
As His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said: “We work for the future with the eyes of Mohammed bin Rashid, an exceptional leader who chose leadership, precedence and victory as his most prominent title and wanted number one always ... and we learned from our grandparents to conquer the impossible, our aspirations are covered in the sky.” .