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  • 25-10-20

    Dubai offers USD136m to businesses affected by Covid-19

    (MENAFN) Crown Prince Hamdan Bin Mohammed posted on twitter, Saturday, October 24th, that Dubai plans on offering AED500 million (USD136 million) to help industries that have been impacted by the Covid-19 outbreak.

    The prince explained that the package, which includes rent breaks and the removal of government charges and fines for some industries, will make total government assistance an amount of AED6.8 billion (USD1.85 billion).

    The emirate is famous for being the business hub of the Middle East, and has been greatly affected by the Cronoavirus pandemic for one of its main sources of income is trade and tourism, which were impacted severely. The International Monetary Fund predicts that the United Arab Emirates' economic end result to contract 6.6 percent this year. Dubai is an expatriate-dominated city, and has been going through employees losing their jobs, and companies losing business.

    Sheikh Hamdan declared: "We strive to support the business sector while working together to counter the negative effects of the Covid-19 pandemic. The business sector is at the heart of our economy. We are keen to revive the business environment and open new horizons for entrepreneurs and investors in line with Dubai's future aspirations."

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