Dubai announces additional economic stimulus package of $1.7 billion

The stimulus aims to help the tourism-dependent city overcome the economic effects of coronavirus. (File/AFP)

• The stimulus comes in three packages
• One of the packages includes the waiving of some license renewals for schools

DUBAI: Dubai will release another economic stimulus package of $1.7 billion in three instalments, the emirate’s Crown Prince tweeted.
The first package is worth $408 million and covers 15 initiatives, Hamdan bin Mohammed Al-Maktoum said on Twitter.
The second package is valued at $898 million, with eight initiatives including the delay of rental payments and return of security deposits, Al-Maktoum added.
The last package is also valued at $408 million and covers 18 initiatives, such as waiving of teaching and business licenses for schools, the Crown Prince tweeted.

The stimulus aims to help the tourism-dependent city overcome the economic effects of coronavirus.