Dubai Announces its Third Stimulus Package

Jay Krishan, Partner

16 July, 2020

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Dubai has announced a third stimulus package worth Dh1.5 billion to support the economy at the time of Covid-19. Sheikh Hamdan stated that the stimulus package aims to help small and medium enterprises (SMEs) to cope with the situation and maintain continuity by alleviating operational costs. Numerous incentives are put forward by the emirates in different industries:

  • In the health sector, the government hastened its payments to private hospitals.
  • In the tourism and entertainment sector, there will be a refund on the municipality fees charged for hotel establishments and restaurants till the end of 2020.
  • The ‘Dirham Tourism Fee’ has been halved till the end of the year.
  • In the international sector, some of the customs fines will be reduced by 80 percent along with the option of paying in installments.
  • In the construction sector, financial dues to the contractors will be expedited, and a refund of all financial guarantees for construction activities related to commercial licenses will be made.
  • In the education sector, private schools will be exempted from penalties and a fee renewal of commercial and educational licenses until the end of the year.

Certain other incentives such as cancellation of all fines charged for late government fees, a freeze on the 2.5 percent of the market fees are also introduced. The renewal of commercial licenses can be made without mandatory renewal of lease contracts and any payment of penalties will not be required to renew commercial licenses during this period.

The cancellation of the 25 percent down payment requirement for paying government fees in installments will also made, in addition, businesses are exempted from fees for sales and special offers. Many other inducements are also made to stabilize the economy and to free the businesses from economic instability.

 
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