There is no need to discuss what adverse impact Coronavirus has had on human life and even governments across the world. Many governments have decided to lock down their nations temporarily to contain the spread of the virus. Along with this has come the shortage of supplies and other related crises.
Coronavirus has had people and governments in a tight spot leaving many searching frantically for a solution. This is where the Dubai government has shown its support to the residents. While the nation and its residents are suffering from the effects of coronavirus, His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai announced the launch of a stimulus package amounting AED 1.5 billion which is primarily aimed at easing the financial responsibilities of the residents.
The stimulus package is the brainchild of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai. The cost of living will be minimised with the help of the package and one of its biggest benefits is that there will be a reduction of DEWA utility bills for the residents.
The government of UAE, with the full support of Dubai Electricity and Water Authority (DEWA), has come up with a plan that ensures that individuals and even corporates are not affected much by the coronavirus outbreak. With the stimulus package, the cost of DEWA utility bills will be lowered considerably. Let us get to know more about the stimulus package.
1. What is the Dubai Stimulus Package?
Stimulus Package can be defined as “a coordinated effort to increase government spending and lower taxes and interest rates in order to stimulate an economy out of a recession or depression”. The package is intended to help the residents prevent an economic slowdown. The stimulus package introduced by the UAE government amounts to AED 1.5 billion and it will be used to stimulate 15 initiatives across sectors including trade, tourism, retail and energy.
2. Who will do the Stimulus Package in Dubai?
The stimulus package is not intended for just one group. It will benefit both individuals and businesses.
3. How will the Stimulus Package Lead to Savings?
The following are the various savings influenced by the introduction of the stimulus package:
- 10% reduction in water and electricity bills
- 50% reduction on DEWA deposits
- The Empower district cooling bills will reduce by 10%
4. What is the Duration of the Stimulus Package?
According to the latest announcements, it is learnt that the stimulus package in Dubai will be in effect for three months.
The AED 1.5 billion stimulus package is indeed a piece of good news that has graced the ears of both the residents and corporates in Dubai. Similar to this package, the UAE government has also adopted many other measures that help make sure that public health is safeguarded.
One of the steps adopted by the government includes cancelling events in the UAE until further notice and also closing down the schools to prevent children from getting the infection. These measures are taken to stop the spread of the virus from person to person. However, no matter how hard the government and authorities try, it is always the duty of the residents to be responsible and follow safe and healthy habits. Working together, we can easily break the chain of coronavirus and do it away for good.