UAE Cabinet has approved an Dh16 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 and Prime Minister of UAE and Ruler of Dubai, as a preventive measure to protect everyone from the Covid-19.
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 Dh126.5 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.
– Suspension of collection of administrative fines by the Ministry of Human Resources and Emiratisation for a period of 6 months, which can be extended.
– Reduction of work permit fees for establishments that have a registered workforce of 1 to 6 workers.
– Reduction of the fees of the ministry of economy.
– Firms will get back 50% of the bank guarantee they submitted for each employee
– Three government work teams will work round the clock to ensure the continuity of services and effective functioning of remote work systems. They will also constantly assess the impacts of the coronavirus.
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