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The European Union gave the go ahead on Monday to a British scheme to provide a £50 billion (57-billion-euro) "umbrella" to shield private businesses from the coronavirus epidemic.
The United Kingdom left the bloc at the end of January, but EU law still applies until the end of a post-Brexit transition period, and would normally restrict state subsidies.
But Brussels has promised to show "full flexibility" in its rules as capitals scramble to shore up employers pummelled by the virus and the associated national lockdowns.
Britain has set aside a fund to provide direct grants and subsidised public loans to key businesses and to encourage research into preventing, treating or curing the virus.
In a statement published Monday, the European Commission confirmed that it would give the package the green light, as it done two smaller British schemes announced last month.
On March 23 Britain ordered a three-week shutdown of non-essential shops and services to limit transmission of the virus, which has now killed more than 600 people there.
Similar measures have been adopted across Europe and around the world, and economists see a sharp global recession this year as inevitable.Agence France-Presse
Infections have been reported in 210 countries since the first cases were identified in China in December last year and British aid minister Anne-Marie Trevelyan said assisting the poorest nations now would help prevent the virus returning to the United Kingdom.
The deals follow a previously announced agreement with AstraZeneca for the firm to produce 100 million doses of its potential vaccine being developed in partnership with the University of Oxford.
Summit chairman Charles Michel tweeted "Deal" shortly after the 27 leaders finally reached agreement at a 5.15am (0315 GMT) plenary session.
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.
The UAE GDP is expected to grow by 2.4 per cent in 2021 and 3.8 per cent in 2022 while the non-oil GDP to expand by around 4 per cent in both years, according to the Financial Stability Report (FSR) released by the Central Bank of the UAE (CBUAE) on Thursday.
The real estate sector in Dubai showed a continuous flow of real estate investments in May 2021, recording 5,359 investments worth over Dhs11 billion. In addition, 11,387 new investors entered the market,
European and US stocks pulled in different directions on Thursday as traders digested the Federal Reserve bringing forward its forecasts for hiking interest rates to prevent the US economy from overheating.