United Arab Emirates

updated:2020-08-03    

 
The authorities have so far announced about AED 32 billion ($8.7 billion or 2.8 percent of GDP) in various fiscal measures. These include:
 
(1) AED 16 billion ($4.4 billion) approved by the federal government to support the private sector by reducing various government fees, labor and other charges, refunding 50% of bank and financial guarantees to some establishments, and accelerating existing infrastructure projects. 
 
(2) AED 1.5 billion ($0.4 billion) in measures by the government of Dubai to reduce government fees, provide additional water and electricity subsidies, and simplify business procedures. 
 
(3) AED 9 billion ($2.5 billion) announced by the government of Abu Dhabi as part of the ongoing “Ghadan-21” fiscal stimulus program. The new initiatives provide for water and electricity subsidies as well as credit guarantees and liquidity support to small- and medium-sized enterprises. They also include deferral of payment of outstanding installments and interests on loans and credit cards for a period of 3 months, suspension of all rental property eviction cases and deferral of the collection of rent payments and service fees for tenants. 
 
(4) In addition, the government of Abu Dhabi has announced a reduction or suspension of various government fees and penalties, as well as a rebate on commercial lease payments in the tourism and hospitality sectors. 
 
(5) On July 11, 2020 Dubai has announced a new package worth AED 1.5 billion ($0.4 billion), which includes cancelling certain fines imposed by the government and the customs department, tax reimbursements to hotels and restaurants, and providing various banking facilities to individuals and corporates. 
 
(6) End October, 2020, Dubai announced additional AED 500 million ($136.14 million) stimulus package to support the local economy, taking Dubai’s total stimulus measures in 2020 to AED 6.8 billion. 
 
(7) On January 6th, 2021, Dubai announced additional stimulus for January-June 2021 in an amount of AED 315 million. 
 
(8) Other Emirates employed similar measures to support trade and businesses and provide advantages to sectors that suffered the most from the current pandemic. Sharjah’s value of the two packages of incentives amounts to AED 993 million ($0.27 billion).
 
 
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