Dubai Announces Dh1.5 Billion Stimulus Package to Lower Business Costs

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has announced a Dh1.5 billion economic stimulus package. This initiative, the third of its kind, brings the total value of government support measures to Dh6.3 billion, targeting a reduction in operational costs for businesses and residents. The 13-point plan introduces specific exemptions and fee reductions across the customs, tourism, and commercial licensing sectors. The measures are designed to provide liquidity and support the private sector amid evolving global economic conditions. Customs and Trade Facilitation In the customs sector, the government has implemented a 10% refund on the 5% customs duty paid on imported goods sold locally. To further ease trade, the Dh50,000 bank guarantee required for customs clearance has been cancelled, replaced by a simplified registration process. Additionally, fees for customs clearance documents have been reduced by 90%. Tourism and Hospitality Reductions The hospitality sector receives support through a reduction in hotel sales fees from 7% to 3.5%. The "Tourism Dirham Fee" is waived for hotels and hotel apartments, and…