Dubai Government has presented a Dhs1.5 billion stimulus package…

Under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, Dubai Government has announced a reduction on certain fees to support businesses and residents in Dubai.

HH Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, took to Twitter to announce a Dhs1.5 billion stimulus package. Over the next three months, this will be shared across 15 initiatives including the retail, trade, tourism and energy sectors.

The cost of living is set to be reduced thanks to a 10 per cent reduction on electricity and water bills, as well as a 50 per cent reduction on DEWA deposits. Hotels are exempt from postponement fees for tourism and sports activities in 2020.

There will also be a freezing of classification fees to hotels, ticket fees, permit issuance and government fees on recreational and business activities. Sheikh Hamdan also shared details of  a suspension of 2.5 per cent market fees, recovery of 20 per cent of custom fees on imported products sold locally.

Additionally there will be a cancellation of the Dhs50,000 bank guarantee or cash required to exercise customs clearance activity, 90 per cent reduction on the fees imposed on submitting customs documents.

The move aims to help relieve any stress imposed on small businesses, and residents as a result of the coronavirus outbreak over the next three months.