Dubai announces $136 million extra stimulus package

FILE PHOTO: Saudi Crown Prince Mohammed bin Salman speaks with Dubai’s Crown Prince Sheikh Hamdan bin Mohammed Al Maktoum during the Emirates Formula One Grand Prix at the Yas Marina racetrack in Abu Dhabi, United Arab Emirates November 25, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

DUBAI (Reuters) – Dubai has announced a new 500 million dirhams ($136.14 million) stimulus package to support the local economy, taking Dubai’s total stimulus measures this year to 6.8 billion dirhams, the crown prince of the emirate said on Twitter on Saturday.

“The private sector is a major partner in Dubai’s development process, and we have adopted a set of new exemptions for some fees and a reduction in rents for some sectors, as well as an extension of the validity of a previous set of exemptions from fees,” said Hamdan Bin Mohammed Al-Maktoum.

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