Picture used for illustrative purpose. File

Gulf Today, Staff Reporter 

Dubai has announced a new stimulus package worth Dhs315 million to help the economy cope with the effects of the coronavirus pandemic.

The package, its fifth, takes the total economic stimulus from the government of Dubai, part of the UAE, to Dhs7.1 billion since March last year, Dubai Crown Prince Sheikh Hamdan Bin Mohammed said on Twitter. 

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Sheikh Hamdan said, “Despite the challenges posed by the pandemic in the world, our economic situation is constantly improving, and we have the ingredients that enhance our ability to achieve leadership, and this was reflected in the rapid pace of recovery of various sectors and economic activities.”

Sheikh Hamdan also said, “The efforts of the Dubai government come in accordance with the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, aimed at mitigating the effects of the global crisis, providing the necessary ingredients for business continuity, and accelerating the pace of recovery to preserve our economic gains."

In the tourism, entertainment, and events sector, the exemption from the fees charged for postponement and cancellation of recreational and sports events and activities, including conferences and exhibitions, has been extended.

The new package also extends the freeze on fees charged for ticket sales, issuing permits, and other government fees imposed on entertainment and business events.