The Dubai government announced a further Dh1.5 billion worth of economic stimulus measures on Saturday, bringing the total support given to businesses during the pandemic to Dh6.3bn.
The government will extend the reduction of municipality fees paid by hoteliers and restaurants on sales to 3.5 per cent, from 7 per cent, for the remainder of 2020. It will also continue to halve the 'Tourism Dirham Fee' charged on hotel stays. Both measures were originally announced for a three-month period in March and have now been extended.
“We aim to enhance the liquidity of companies … support the continuity of their business and reduce the cost of doing business,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said on Twitter.
Dubai Municipality is also expediting payments to contractors and is returning performance bonds usually set aside until work is completed. These will be replaced "by another system that guarantees all the rights of the contracting parties", Sheikh Hamdan said.
Fees charged to private schools for licence renewals are also being waived until the end of the year, customs clearance deposits are being reimbursed and some fines imposed by customs authorities are being cut by 80 per cent.
"We trust in the flexibility and durability of our economy," Sheikh Hamdan added. "We are keen to return business to normal as soon as possible and we confirm our commitment to support all economic sectors."
Dubai's economy has faced headwinds as a number of industries including tourism, trade and real estate slowed after restrictions on movements were put in place to stop the spread of Covid-19.
However, economic activity is now picking up as Dubai welcomed tourists back into the emirate last week. Dubai's purchasing managers' index rose to the 50-point-threshold last month, up from 46 in May, according to the PMI data released on Thursday. A reading above the 50-mark is an indicator that the emirate's non-oil private sector economy is expanding, while anything below 50 indicates a contraction.
The headline PMI marked "a notable improvement from the severe downturn seen during the coronavirus pandemic", according to David Owen, an economist at IHS Markit, which compiles the index.
Sub-indexes showed recovery within individual sectors. For instance, the wholesale and retail index moved to 53 from 47.4 in May as selling prices for goods increased. Construction activity also rebounded as movement restrictions were relaxed, although employment in the sector continued to fall, Khatija Haque, an economist at Emirates NBD said at the time.
Activity in the tourism sector also continued to decline, albeit at a slower pace than in the previous two months. Optimism in the sector about the 12-month business outlook also lifted ahead of last week's reopening of Dubai to international tourists.
Dubai rolled out its first wave of economic stimulus measures aimed at supporting companies affected by the Covid-19 pandemic in March with a package of nine incentives for an initial three-month period. These included a freeze on the 2.5 per cent market fees for all facilities operating in Dubai, a refund of 20 per cent on customs fees imposed on imported products sold locally and a 10 per cent cut to water and electricity bills.
A second package worth Dh3.3bn was later unveiled, with the latest announcements representing the third wave of economic measures.
In a statement, Sheikh Hamdan also highlighted the "great strategic value" of Dubai's small and medium-sized enterprises, which account for more than 99 per cent of businesses in Dubai, providing 51 per cent of the emirate's jobs and 46 per cent of its gross domestic product, according to a 2019 study by Dubai SME, part of the Dubai government's Department of Economic Development.
Government-related entities have also extended support to businesses, with Dubai Developments Group stating last week it will extend a rent-free period to about 1,500 commercial tenants to six months, from three months initially.
The Dubai Free Zones Council on Saturday said that it is also considering plans to extend its stimulus package to support companies operating within the city's free zones.
Its stimulus measures have allowed companies to pay fees in instalments, while free zones have also refunded security deposits and guarantees and cancelled fines with a view to improving companies' liquidity.
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
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Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
