Daijiworld Media Network - Dubai

Dubai, Jan 7: Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, in a tweet announced the fifth economic stimulus package to help Covid-affected businesses worth Dh 315 million. The package raises the overall value of business incentives introduced by the emirate's government to Dh 7.1 billion.

The package was released in response to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE and Ruler of Dubai and based on the recommendations of the Dubai Economy Support Committee, chaired by Sheikh Ahmed bin Saeed Al Maktoum, second deputy chairman of the executive council, to continue supporting all economic and business sectors in Dubai.

Sheikh Hamdan said, "The Dubai government continues to assess the current global economic situation and the various developments amid these exceptional circumstances in an effort to develop practical strategies that will enable us to efficiently mitigate the repercussions of the global pandemic on the economy."

"Despite the challenges imposed by the pandemic worldwide, our economy is steadily recovering. We have the capabilities and resources that enable us to achieve economic excellence and accelerate the recovery of our various business sectors. We are confident the next phase will bring new opportunities for entrepreneurs and investors," Sheikh Hamdan added.