Inayat-ur-Rahman

Dubai has launched a Dhs1.5 billion economic stimulus package for the next three months to support companies and the business sector in Dubai. The package seeks to enhance liquidity and reduce the impact of the current global economic situation.

The business community in the UAE has lauded this great initiative. According to them this great move would further stimulate the country’s economic growth despite the global rout.

Dr Azad Moopen, Founder Chairman & Managing Director , Aster DM Healthcare told Gulf Today that the announcement by Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai of an economic stimulus package is very welcome news  during the difficult situation arising out of the (COVID-19) Pandemic .

“As Dubai , one among the most business friendly cities of the world  is a hub for import and re export  , the package has given significant focus for ensuring smooth arrival of goods into the Emirate , through reduction of customs duties. Apart from this , there has been significant measures being announced to increase the inflow of people for tourism and trade. Azad added.

 “The package also addressed the concerns of the common man and businesses by reducing the charges for utilities to provide overall relief for everyone in Dubai.

“It is commendable that a whopping Dh 1.5 billion stimulus has been announced  well in advance to prevent a slowdown of the economy.”

“Let us all work hard to make sure that the businesses  run robustly  with these additional support from Government of Dubai.” Azad concluded.

Rizwan Sajan, Founder and chairman of Danube Group said: “This announcement has again solidified my belief in the capability of government of Dubai that it holds the means and capacity to forge through the crisis that world is going through right now. When, every other government is thinking only of containing  the spread of the disease, Dubai administration is among few which have started taking initiative to contain the economic loss triggered by the pandemic”.

He further added: “Being a businessman, I understand what it means to us and would like to extend my gratitude to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai for treating us to such a nice experience of living in one of best cities in the world in my opinion”.

Sheikh Hamdan said the challenges that the global economy is currently going through have been exacerbated by the worldwide outbreak of the Novel Coronavirus (COVID-19). Sheikh Mohammed bin Rashid issued directives to launch this stimulus package to provide the highest support for citizens, residents and investors in these exceptional circumstances, he added.

“The world is going through difficult times but we have the capability to navigate challenges successfully. As we have learned from His Highness Sheikh Mohammed, challenges enhance a society’s ability to develop and advance by generating innovative and creative solutions. We are extending this stimulus package to ensure we can realise our ambitious development objectives by defusing any obstacle that can hinder our progress. Through such initiatives, we are keen to ensure that Dubai maintains its leadership and its profile as the world’s best city to live and work,” Sheikh Hamdan said.

“We are continuing our efforts to become a major player in shaping the future of the world. We place the highest priority on ensuring the welfare and happiness of society and empowering them to achieve their dreams. We will harness all efforts to ensure Dubai remains a model in enabling people to achieve the highest levels of excellence and success,” He  added.

The stimulus package seeks to reduce the cost of doing business and simplify business procedures, especially in the sectors of tourism, retail, external trade and logistics services. The stimulus measures that will be introduced with immediate effect will be valid for the next three months. Following this period, the impact of the measures on the economic situation will be reviewed.

The stimulus package developed by Dubai Government includes 15 initiatives focused on the commercial sector, retail, external trade, tourism, and the energy sector. The package is expected to have a positive direct and indirect impact on all other sectors as well over the next three months.