Arab News

DUBAI: Dubai will release another economic stimulus package of $1.7 billion in three instalments, the emirate’s Crown Prince tweeted.

The first package is worth $408 million and covers 15 initiatives, Hamdan bin Mohammed Al-Maktoum said on Twitter.

Under the directives of @HHShkMohd, we launched Dubai’s 3rd stimulus package worth AED1.5 billion, increasing the total worth of all packages to AED 6.3 billion. We aim to reinforce the liquidity of companies, support business continuity & reduce the cost of doing business. pic.twitter.com/05JEO1od9x

— Hamdan bin Mohammed (@HamdanMohammed) July 11, 2020

The second package is valued at $898 million, with eight initiatives including the delay of rental payments and return of security deposits, Al-Maktoum added.

The last package is also valued at $408 million and covers 18 initiatives, such as waiving of teaching and business licenses for schools, the Crown Prince tweeted.

The stimulus aims to help the tourism-dependent city overcome the economic effects of coronavirus.