UAE Cabinet approves additional $4.35bn stimulus package
The measures include suspending work permit fees, supporting small businesses, and accelerating infrastructure projects
The UAE Cabinet has approved an additional $4.35bn (AED16bn) economic stimulus package as part of the Federal Government's measures to support the national economy, ensure businesses continuity, and mitigate the economic impact of the coronavirus outbreak (COVID-19).
The decision was taken during a virtual meeting held under the chairmanship of the UAE Vice President, Prime Minister, and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, as a preventive measure to protect UAE citizens, residents, and people currently in the nation, from the Covid-19 outbreak.
The latest financial support complements the funding revealed by Abu Dhabi and Dubai, along with that of the Central Bank of the UAE, taking the total value of stimulus packages introduced since the COVID-19 outbreak to $34.43bn (AED126.5bn), which aims to overcome the current challenging fiscal conditions.
The measures include a renewable six-month suspension of work permit fees; reduction of labour and other charges to cut the cost of doing business; support for small businesses; and accelerating major infrastructure projects, according to state-run news agency, Wam.
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 the COVID-19 pandemic.
Sheikh Mohammed added: “Coronavirus is a health virus, an economic virus, and a political virus too... and we say to all the countries of the world: It is the time for unity, cooperation and solidarity to fight the worst enemy of humankind. All differences diminish in the face of this challenge and the world can overcome it faster if the strong stand with the weak, and the rich stand with the poor.”
"We have adopted new systems in the banking, economic, and public sectors and provided a healthy infrastructure to deal with the worst possibilities. We have a national team that works around the clock.
“We will safeguard the health of our society. We will protect our economy. We will protect education. We will cross such a global crisis with confidence.”