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22 March

UAE Cabinet approves additional AED16 billion stimulus package

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The UAE Cabinet has approved an AED16 billion economic stimulus package as part of the Federal Government's additional measures to support the national economy, ensure businesses continuity, and mitigate the coronavirus impact.

This came during a virtual meeting held Sunday under the chairmanship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as a preventive measure to protect everyone from the Covid-19 coronavirus The latest financial support complements those announced recently by the emirates of Abu Dhabi and Dubai, along with that of the Central Bank of the UAE, taking to AED126.5 billion the total value of stimulus packages introduced since the COVID-19 outbreak to survive the current challenging conditions.

The measures include a renewable six-month suspension of work permit fees and reduction of labour and other charges to cut the cost of doing business, support small businesses and accelerate major infrastructure projects.

During the virtual meeting, Sheikh Mohammed said that the UAE government is ready to deal with all future circumstances, adding that the country will be part of the global efforts to contain COVID-19 pandemic.