The UAE Launches an Additional USD 4.36 Billion Stimulus Package to Minimize the Impact of COVID-19
Following an AED 100 billion stimulus package launched on the 15th of March 2020, the United Arab Emirates (UAE) unveiled an additional stimulus fund worth AED 16 billion (USD 4.36 billion) on the 23rd of March 2020, local media reports stated.
The new stimulus package brings the total COVID-19-related stimulus unveiled by the UAE to AED 126 billion. The decision to unveil a second stimulus package was taken at the first-ever virtual UAE Cabinet meeting held on the 23rd of March 2020.
The additional allocation of funds comes as a part of the UAE’s Federal Government’s initiatives to strengthen the national economy, ensure business continuity and to mitigate the impact of COVID-19.
The new stimulus package aims to support small businesses in the country while reducing the cost of carrying out business in UAE. The fund is also expected to contribute towards accelerating the implementation of major government infrastructure projects.