UAE - Mubasher: Dubai has launched its third stimulus package worth AED 1.5 billion to support the emirate's economy from the impact of the coronavirus (COVID-19) pandemic, according to Dubai media office.

Offered under the directives of Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister of the UAE, and ruler of Dubai, the new package has increased the value of business incentives granted by Dubai government to AED 6.3 billion amid COVID-19.

The new package aims to help the economic sectors to recover, mitigate the financial pressure on businesses, and support small and medium-sized enterprises (SMEs).

Commenting on the new package, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crown prince and chairman of the executive council of Dubai, said: "SMEs constitute a highly strategic sector and are a major contributor to the emirate's GDP. Supporting this sector in tiding over the current challenges is vital to accelerate our progress towards a diversified knowledge-based economy."

SMEs account for 99% of all companies operating in Dubai, 46% of its GDP and 51% of the emirate's workforce.

The new third stimulus package comprises 18 incentives, including a 50% reduction of the ‘Tourism Dirham Fee’ until the end of 2020, 80% reduction of customs penalties, and exemption of private schools from commercial and educational license renewal fees.