Contractors given boost by Dubai AED 1.5bn stimulus package
Payment of financial dues to contractors will be expedited and all financial guarantees for activities related to commercial licences will be refunded
Under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai has launched its third stimulus package to ease the impact of the COVID-19 crisis on businesses.
Worth a total of $408.3m (AED 1.5bn), the new package raises the value of business incentives introduced by the emirate’s government in the past few months to $1.7bn (AED 6.3bn).
The latest stimulus package also offers benefits for Dubai's construction sector.
According to Dubai Media Office, payments of financial dues to contractors will be expedited and all financial guarantees for construction activities related to commercial licences will be refunded. This will be replaced by another system that guarantees all the rights of the contracting parties.
Crown Prince and Chairman of The Executive Council of Dubai His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum emphasised the Government of Dubai’s commitment to continue supporting all economic sectors in overcoming the repercussions of the COVID-19 pandemic.
“Our economy is strong, has a stable foundation and has shown high resilience to crises, all of which enable us to effectively navigate any global challenge. We stand together with the private sector to overcome the impact of the pandemic. We are keen to help businesses renew their growth momentum as soon as possible.”