UAE Cabinet approves additional $4.3bln stimulus package

DUBAI - The UAE Cabinet has approved an AED16 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, Prime Minister and Ruler of Dubai, as a preventive measure to protect everyone from the Covid-19 coronavirus.

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 AED126.5 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.

During the virtual meeting, Sheikh Mohammed said that the UAE government is ready to deal with all future circumstances, adding that the country will be part of the global efforts to contain COVID-19 pandemic.

"Our message for everyone is that we are completely ready to deal with all circumstances," added Sheikh Mohammed. "Over the past 10 years, we have invested in smart learning, electronic and smart services to enhance our readiness for emergencies and disasters. Today we are reaping the fruits of our strenuous efforts as evidenced by the continuation of our educational process and basic government services. We are being proactive in dealing with global health conditions."

Sheikh Mohammed also said: "Coronavirus is a health virus, an economic virus, and a political virus too... and we say to all the countries of the world: It is the time for unity, cooperation and solidarity to fight the worst enemy of humankind. All differences diminish in the face of this challenge and the world can overcome it faster if the strong stood with the weak and the rich with the poor." "We have adopted new systems in the banking, economic, and public sectors and provided a healthy infrastructure to deal with the worst possibilities. We have a national team that works around the clock.

We will safeguard the health of our society. We will protect our economy. We will protect education. We will cross such a global crisis with confidence," His Highness noted.