Saudi Gazette report

DUBAI — The United Arab Emirates on Sunday announced an additional economic stimulus package of Dh16 billion ($4.36 billion), bringing the total amount to Dh126 billion ($34 billion), the state news agency WAM reported.

The decision to increase the stimulus package was taken at a virtual meeting headed by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, as part of the federal government's additional measures to support the national economy, ensure businesses continuity and mitigate the coronavirus impact.

During the meeting, Sheikh Mohammed said that our government is ready to deal with all future circumstances, adding that the country will be part of the global efforts to contain the pandemic.

"Our message for everyone is that we are completely ready to deal with all circumstances," added Sheikh Mohammed.

"Over the past 10 years, we have invested in smart learning, electronic and smart services to enhance our readiness for emergencies and disasters. Today we are reaping the fruits of our strenuous efforts as evidenced by the continuation of our educational process and basic government services. We are being proactive in dealing with global health conditions."

Sheikh Mohammed also said: "Coronavirus is a health virus, an economic virus, and a political virus too... and we say to all the countries of the world: It is the time for unity, cooperation and solidarity to fight the worst enemy of humankind. All differences diminish in the face of this challenge and the world can overcome it faster if the strong stood with the weak and the rich with the poor."

The increase in stimulus follows a slew of other initiatives and aid rolled out by the government and private sector this month.

On Saturday, banks in Dubai said they will offer their customers and clients loan repayment holidays and reduced charges to help soften the impact of Covid-19 on their finances and relieve economic pressure.