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Covid-19 Factsheet UAE (United Arab Emirates)

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Covid-19 Factsheet UAE (United Arab Emirates) Covid-19 Factsheet UAE (United Arab Emirates) Copyright © 2020 Rubix. All rights reserved. COVID-19 Factsheet UAE (United Arab Emirates) Country Specifications Elements Details Country UAE (United Arab Emirates) Yes, the government of the country has lifted the curfew Whether the country is/was and the lockdown. Currently, they are following social under Lockdown (LD)? distancing norms. Start Date: 05-04-2020 End Date: 20-04-2020 After a 24 hour curfew was put for two weeks, there was Period of LD an overnight curfew placed from 8 P.M. to 6 A.M. until June 25th. From June 25th the curfew has been lifted and UAE is back to normal with social distancing restrictions and norms. Page 1 of 19 Government Intervention Elements Details Flight services to nine destinations: London Heathrow, Frankfurt, Paris, Milan, Madrid, Chicago, Toronto, Sydney and Melbourne resumed from May 21. Restrictions Imposed in the People with UAE residence visas can start returning to Country UAE from June 1st. Residents must apply for the resident entry permit. At offices between each desk, there needs to be a 2-meter social distance. Updated on June 20, 2020 CBUAE’s economic support scheme: The Central Bank of the UAE (CBUAE) launched an AED 100 billion (United Arab Emirates Dirham, official currency of the Emirates) comprehensive Economic Support Scheme for retail and corporate customers affected by COVID-19. These measures will come into force with immediate effect since the World Health Organisation declared Covid-19 as a global pandemic. The Economic Support Scheme consists of AED 50 billion from the CBUAE funds through collateralized loans at zero cost to all banks operating in the UAE and of AED 50 billion funds freed up from banks’ capital buffers. The purpose of the targeted scheme is to facilitate the provision of temporary relief from the payments of principal and interest on outstanding loans Support extended to the for all affected private sector companies and retail Industries at risk by customers in the UAE. Participating banks should use Government the funding to grant temporary relief to private sector corporate customers and retail clients for a period of up to 6 months. Dubai economic stimulus package: Dubai Government launched an AED 1.5 billion economic stimulus package till September to support companies and the business sector in Dubai. The package seeks to enhance liquidity and reduce the impact of the current global economic situation. The stimulus package developed by Dubai Government includes 15 initiatives focused on the commercial sector, retail, external trade, tourism and the energy sector. The package is expected to have a direct and indirect positive impact on all other sectors as well, till September. For the commercial and business sector, Dubai Government has introduced nine initiatives till September including a freeze on the 2.5 per cent market fees levied on all facilities operating in Dubai. The fees were reduced from 5 per cent to 2.5 per cent Page 2 of 19 in June 2018. The second initiative extends a refund of 20 per cent on the custom fees imposed on imported products sold locally in Dubai markets. The package also includes the cancellation of the AED 50,000 bank guarantee or cash required to undertake customs clearance activity. Bank guarantee or cash paid by existing customs clearance companies will be refunded. Furthermore, fees imposed on submitting customs documents of companies will be reduced by 90 per cent. Abu Dhabi economic stimulus package: Abu Dhabi Executive Council is providing a dynamic economic stimulus package to support economic activity, reduce the costs of living, facilitate business in the emirate and protect the UAE's economic stability. The economic stimulus package includes the following initiatives: • Continuing with all approved capital expenditure and development projects in the emirate, as well as with further measures to preserve Abu Dhabi’s economic gains, prioritizing start-ups and SMEs. Support extended to the • Formulating plans to stimulate strategic Industries at risk by investment sectors and to form a new committee Government (continued) headed by Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies. • Developing investment laws and regulations and ensuring their flexibility to maintain Abu Dhabi’s progressive economic development. • Allocating AED 5 billion for water and electricity subsidies for citizens and the commercial and industrial sectors, with an intention to reduce the cost of living and support businesses, as well as subsidizing electricity connection fees for start-ups until the end of the year 2020. • Allocating AED 3 billion to the SME Credit Guarantee Scheme managed by Abu Dhabi Investment Office (ADIO) to stimulate the ability of SMEs to navigate the current market environment. • Allocating AED 1 billion to financial markets to establish a market maker fund, to enhance liquidity and sustain a balance between supply and demand for stock. • Exempting all commercial and industrial activities from property registration (Tawtheeq) fees levied by the municipality. Page 3 of 19 • Exempting individual and commercial real estate registration fees for this year suspending bid bonds and exempting start-ups from performance guarantees for projects up to AED 50 million. • Not charging annual vehicle registration fees for commercial vehicles and not levying traffic toll for all vehicles. • Offering up to 20 per cent rebate on the rental value of the restaurant, tourism and entertainment sectors. • Suspending tourism and municipality fees for the tourism and entertainment sectors for this year. • Settling all approved government payables and invoices within 15 working days. • Waiving all current commercial and industrial penalties. • Reducing industrial land leasing fees by 25 per cent for new contracts. Additional AED16 billion stimulus package: The UAE Cabinet has approved an AED16 billion economic stimulus package as part of the Federal Government's additional measures to support the Support extended to the national economy, ensure businesses continuity, and Industries at risk by mitigate the coronavirus impact. Government (continued) The latest financial support complements those announced recently by the emirates of Abu Dhabi and Dubai, along with that of the Central Bank of the UAE, taking to AED126.5 billion the total value of stimulus packages introduced since the COVID-19 outbreak to survive the current challenging conditions. The measures include a renewable six-month suspension of work permit fees and reduction of labour and other charges to cut the cost of doing business, support small businesses and accelerate major infrastructure projects Dubai Free Zones economic stimulus package: Dubai Free Zones Council announced an economic stimulus package to complement the Dubai Government’s efforts to overcome the COVID-19 situation. This initiative complements another package announced earlier to reduce business costs and enhance financial liquidity of companies operating in the free zones. Dubai Free Zones Council’s package contributes to strengthening and supporting Dubai’s businesses by reducing the impact of the spread of COVID-19 on the Page 4 of 19 economic situation. It includes five key elements. They are as follows: 1. Postponing rent payments by a period of 6 months 2. Facilitating instalments for payments 3. Refunding security deposits and guarantees 4. Cancelling fines for both companies and individuals 5. Permitting temporary contracts that allow the free movement of labour between companies operating in the free zones to continue for the rest of the year Furthermore, companies will enjoy additional facilities, such as the postponing of payment plans for all commercial properties owned by DIFC Investments for a period of 6 months. DIFC will reduce its ownership transfer fees from 5 per cent to 4 per cent for any property sale that occurs within the period from April to June DAFZA’s incentive packages: Dubai Airport Free Zone Authority (DAFZA) launched a set of economic incentive packages to support Support extended to the companies based in the free zone, in order to ensure Industries at risk by business continuity across various sectors. The Government (continued) incentive packages aim to help the businesses mitigate the severity of the economic impact caused by COVID-19. The initiative includes postponing lease payments for up to three months and facilitating financial payments into easier monthly instalments. It supports retailers also who are operating from the free zone by exempting them from lease payments for a period of up to three months. The free zone would refund security deposits on leased spaces and labour guarantees to companies, as well as exempt new companies from registration and licensing fees. DAFZA would also cancel fines issued to companies. Relief package for bank customers: Banks in Dubai have come together to offer a comprehensive relief package to ease the financial pressure on their customers in the current economic environment caused by the coronavirus (COVID-19) outbreak. Banks that are providing relief to their customers include Emirates NBD, Dubai Islamic Bank, Emirates Islamic, Mashreq and Commercial Bank of Dubai. Page 5 of 19 The measures announced by the banks complement the UAE Government and the UAE Central Bank’s six-month economic stimulus package to support the business sector in the UAE and the Dubai Government’s
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