Covid-19 Factsheet UAE (United Arab Emirates)

COVID-19 Factsheet

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.

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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

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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.

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• 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

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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.

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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 three-month economic stimulus package to support the business sector in Dubai particularly.

The relief benefits include but are not limited to the following: • Customers using credit cards for cash withdrawals will enjoy 50 per cent reduction in the cash advance charges. • Credit card holders can avail 0% easy payment plans on school fee transactions with zero processing fee. • Credit cardholders can benefit from special pricing on easy payment plans, cash on call and 0% on balance transfers. • Card holders can request refunds on foreign currency charges related to travel and hotel cancellations. • Customers who are financially-impacted (due to unpaid leave or any other valid reason) can Support extended to the request to defer up to 3 monthly installments Industries at risk by without fees and profit charges on existing and Government (continued) new finance facilities. • Customers can request for a debt consolidation solution.

First-time home buyers can get 5% more financing (up to 85 per cent for UAE Nationals and up to 80 per cent for expatriates).

Initiatives for SMEs: Banks have a few initiatives for those SMEs specifically affected by COVID-19 and some initiatives that are for all SMEs.

Initiatives for SMEs impacted by COVID-19, Banks could: • Defer installments (principal and interest) on existing borrowers for up to 3 months (till June 30, 2020) for eligible customers with no additional bank charges. • Reduced bank’s merchant service fees (credit card transactions) by 50 per cent till June 30, 2020. Eligible for SME customers that had used below AED 5 million per annum.

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• Reduced banking fees and charges on ‘zero balance’ accounts by 50% for eligible customers. • Reduced the requirements for maintaining minimum average balance for all SME account categories that were up to AED 10,000 per Support extended to the month for eligible customers. Industries at risk by Government (continued) For all SMEs, Banks could: • Defer instalments (principal and interest) on new borrowings for up to 3 months (till June 30, 2020) for eligible customers with 50% reduction in their associated bank charges. • Reduced interest charges on new borrowings based on new prevailing interest rates for eligible customers. • Reduced bank charges by 50% on early settlement of existing borrowings (till June 30, 2020) for eligible customers.

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Elements Details ● The Central Bank of the UAE (CBUAE) has reduced its policy interest rate twice by a combined 125 basis points ● CBUAE has announced an AED 256 billion ($70 billion—20% of GDP) package of measures comprising: ○ Halving of banks’ required reserve requirements at 7%. ○ Zero-interest rate collateralized loans to banks (AED 50 billion) ○ Allowing the use of banks’ excess capital buffers (AED 50 billion) ○ 15-25% reduction in provisioning for Change in Monetary Policy SME loans ○ Increase of loan-to-value ratio for first-time home-buyers by 5%age points ○ Limiting bank fees for SMEs ○ Waiver of all payment service fees charged by CBUAE for six months ○ Raising the limit on banks' exposure to the real estate sector from 30% of risk-weighted assets, subject to adequate provisioning ○ Allowing banks to defer loan repayments till end-2020

The authorities have announced about AED 26.5 billion ($7.2 billion—2% of GDP) in various fiscal measures. These include: ● AED 16 billion ($4.4 billion) approved by the federal government to support the private sector by reducing various government fees and accelerating existing infrastructure projects; ● AED 1.5 billion ($0.4 billion) in measures by the government of Dubai to reduce government fees, provide additional water and electricity Change in Fiscal Policy subsidies, and simplify business procedures; and ● AED 9 billion ($2.5 billion) announced by the government of Abu Dhabi as part of the ongoing “Ghadan-21” fiscal stimulus program. ● The new initiatives provide water and electricity subsidies as well as credit guarantees and liquidity support to small- and medium-sized enterprises. ● The government of Abu Dhabi has announced a reduction or suspension of various government fees and penalties, as well as a rebate on

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Change in Fiscal Policy commercial lease payments in the tourism and (continued) hospitality sectors.

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Elements Details • To curb the spread of COVID-19, UAE has suspended all passenger flights, including transits, until further notice, with the exception of limited outbound repatriation flights to a small number of destinations. • The UAE has announced visas and entry permits that expired after 1 March 2020 are now valid until the end of December 2020. The UAE has temporarily suspended entry for all visa holders. This includes visa on arrival and the visas of UAE residents who are currently outside the country. Only UAE citizens are allowed to enter the UAE. The UAE Ministry of Foreign Affairs and International Cooperation has established a hotline and web form for holders of UAE residence permits who wish to return. • Abu Dhabi banks’ initiatives for customers: Abu Dhabi banks including First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB), in coordination with Abu Dhabi’s Department of Finance and Department of Economic Development, launched 10 banking-related initiatives specifically for the benefit of individuals and 7 financial initiatives for SMEs to protect them Measures taken by the from the economic impact of the spread of Government to mitigate Impact COVID-19 in the UAE. of Covid – 19 Initiatives for individuals: Banks have a few initiatives for those individuals specifically affected by COVID-19 and some initiatives that are for all individuals.

Initiatives for individuals impacted by COVID-19 banks can: • Defer instalments (principal and interest) on existing loans (personal, auto, mortgages) and credit cards for up to 3 months for eligible customers until June 30, 2020 with no additional bank charges • Halt foreclosures on mortgages for defaulted customers until June 30, 2020 • Halt suspension of bank accounts for retrenched customers until September 30, 2020 • Refund credit card processing fees in full for foreign currency transactions conducted after January 01, 2020, associated with cancellation of travel plans

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• Make available instalment programmes with no service fees for utility bill payments until June 30, 2020

Initiatives for all individuals banks can: • Defer instalments (principal and interest) on new loans (personal, auto, mortgages) and credit cards for up to 3 months for eligible customers until June 30, 2020 with 50 per cent reduction in associated bank charges • Reduce interest charges on new loans (personal, auto, mortgages) and credit cards for eligible customers based on new prevailing rates for eligible customers • Reduce bank charges by 50 per cent on early settlement of existing loans (personal, auto, mortgages) for eligible customers until June 30, 2020 • Reduce required down-payment by 5 per cent for first-time home buyers • Provide interest-free instalment plans for school tuition with waiver of service charges or 0% interest loan until June 30, 2020

General information Measures taken by the The United Arab Emirates has implemented a travel ban Government to mitigate Impact on non-Emiratis residents, reduced customs fees and of Covid – 19 (continued) municipality fees, cut interest rates and is rolling out a $27 billion stimulus package to attempt to reduce the impact of the coronavirus on the economy.

Tax measures In a move designed to help affected businesses navigate the financial and administrative impact of COVID-19, the Federal Tax Authority (“FTA”) in the United Arab Emirates (“UAE”) had extended the due date for filing the excise tax return and payment of excise tax for the month of March 2020 by one month from 15 April 2020 to 17 May 2020.

To facilitate this extension within the existing legal framework, the FTA had extended the (monthly) tax period that commenced on 1 March 2020 by one month so that it will now end on 30 April 2020 instead of 31 March 2020 and was therefore be, in essence, a two month tax period.

Notwithstanding that tax period extension to 30 April 2020, the FTA announcement indicates that excise registered taxpayers were be required to:

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• File separate excise tax returns for March 2020 and April 2020 by 17 May 2020; and • Pay excise tax for March 2020 and April 2020 by 17 May 2020

Dubai: The Dubai government on 12 March 2020 announced an economic stimulus package to enhance liquidity in response to the COVID-19 outbreak. Included in the package are the following measures:

• A refund of 20% of the customs fee imposed on imported products sold in Dubai; • A 90% reduction of fees imposed on submission of customs documents; • A “freeze” on the 2.5% market fees levied on all facilities operating in Dubai; • Reduction of “municipality fees” imposed on sales at hotels from 7% to 3.5%; • A freeze on “fees” charged for the sale of tickets, issuance of permits and other government fees related to entertainment and business events; • A reduction in water and electricity bills by 10% and a reduction in deposits paid for water and electricity connections by 10%; Measures taken by the • Changes to bank guarantees or cash Government to mitigate Impact requirement rules.. of Covid – 19 (continued) Abu Dhabi: Abu Dhabi has also announced initiatives focused on supporting small and medium-size enterprises (SMEs) and easing the availability of loans to local companies and include: • Suspension of real estate registration fees until the end of 2020; • Reduction of industrial land leasing fees by 25% on new contracts; • Suspension of tourism and municipality fees for the tourism and entertainment sectors until the end of this year; • Exemption for commercial vehicles from annual registration fees until the end of this year; • Exemption for all vehicles from road toll tariffs until the end of this year.

Employment-related measures An extended travel ban has been placed on residents (non-Emiratis) which may have an impact on expat labor if extended for a considerable period of time.

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Economic stimulus measures • The UAE Central Bank cut interest rates to 0.75% but kept repurchasing rates. • The UAE Central Bank is rolling out a stimulus package of $27bn, and Dubai also added its own stimulus package of $409 million. • Temporary exemptions on principle payments and interest on loans have been approved for the private sector affected by Covid-19. Efforts are being made to create a banking environment that is more friendly to investors, including first-time property buyers, and boost lending capacity. There are numerous exemptions, waivers and rebates to help stabilize the above mentioned sectors, plus encourage further investments.

Custom measures • Dubai o The Dubai government announced several short-term measures as part of an economic stimulus package intended to aid UAE businesses navigate the potential impact of COVID- 19. o As a part of the implementation of Measures taken by the customs-related incentives in the Government to mitigate Impact stimulus package, Dubai Customs has of Covid – 19 (continued) confirmed: § There will be a refund of 1% of the customs duty imposed on imported goods sold locally in the UAE. Goods imported between 5 March 2020 and 30 June 2020 which are liable to customs duty at the rate of 5% are eligible for the refund. § There will be an exemption from the berthing fee for arrivals and departures, and direct and indirect loading fees for traditional wooden commercial vessels registered in the UAE at Dubai and Hamriyah Port between 15 March 2020 and 30 June 2020. § The AED 50,000 bank or cash guarantee required to undertake customs broking activities is revoked. § The bank or cash guarantee deposited by existing customs

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brokers and clearing companies will be refunded. • Dubai-duty refund o Eligibility for customs duty refund: Dubai Customs will allow a 1% customs duty refund on goods which fulfill all the following conditions: § liable to 5% customs duty § imported into the UAE through Dubai Customs § upon payment of full customs duty § import declarations processed between 15 March to 30 June 2020 § for resale locally within the UAE o Minimum refund threshold :only refunds of AED 100 or more will be processed

and disbursed.

o Import declaration types: eligible imports

cleared under the following import

declaration types will qualify for the

refund: § Import to local from Rest of the World Measures taken by the § Import to local from Free Zone Government to mitigate Impact § Import to local from Customs of Covid – 19 (continued) Warehouse § Imports entitled to customs duty drawback ineligible for refund § Imports intended for Automated Transfer of Customs Duty (ATCD)/ Makasa process ineligible for refund

Other measures • The Dubai Government has announced the following measures: o Reduction of municipality fees imposed on sales at hotels from 7% to 3.5% • The Abu Dhabi Government has also announced the suspension of tourism and municipality fees for the tourism and entertainment sectors until the end of this year.

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Industries Impacted Elements Details ● Healthcare services—hospitals, clinics and pharmacies ● Food supply outlets—Union Cooperative outlets, supermarkets, groceries, food outlets and pharmacies will be allowed to operate round the clock ● Manufacturers of medicines and providers of healthcare and medical supplies. ● Water and electricity sector, petrol and gas stations and district cooling services ● Telecommunications sector ● Media sector ● Ports, shipping Customs duty and border crossings ● Public and private security services ● Municipality services and public and private service providers involved in garbage collection, sewage management and general cleaning and sanitization.

Re-opened Industries and Services:

● Restaurants

o Restaurants across the country have been

permitted to open with strict sanitation and social distancing regulations. The working Industries Allowed to Operate hours and permitted capacity vary from emirate to emirate ● Hair salons and barber shops ● Government sector departments ● Private sector businesses ● Public transport ● Banking and financial services including exchange centres ● Social welfare services ● Laundry services (for permitted outlets) and maintenance services ● Dental clinics and other clinics ● Hotels: o Hotels across the UAE have opened at different capacities, depending on the severity of the pandemic in each emirate ● Sports and recreational facilities—gyms and parks o In Dubai, Ajman, and some in Sharjah and Ras Al Khaimah Construction Industry: ● Deemed an essential sector—has been exempted from government restrictions ● Construction sites were permitted to remain operational and workers to commute to and from site if they had a permit from the Dubai

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Municipality and the Permanent Committee for Labour Affairs E-commerce Industry: ● The ecommerce market is projected to reach Dh16.88 billion in the UAE ● A Dubai-based company has seen a surge in online sales, with a 59% year-on-year increase Industries Allowed to Operate in online customers in March (continued) ● Another online retailer saw a 200% increase in online sales since the start of the Covid-19 pandemic Construction Sector: ● The industry is expected to face short to medium-term issues in respect to recruiting labour and moving or transferring employees for both on- and off-site roles ● The UAE construction industry is expected to face shortages, perhaps even stoppages, in materials due to disruptions in the supply chain ● Project financing is expected to decline Oil Industry: ● As on June 19, 2020, the benchmark Brent crude oil price was US$ 42 per barrel ● OPEC cut down production by 9.7 million barrels a day in May and June ● WTI—for May—sank into negative territory ● The economy is forecasted to contract by 7.5% in 2020 due to the oil price crash Industries Severely Affected ● Abu Dhabi’s fiscal deficit is expected to increase to 12% of the GDP in 2020 due to the low oil prices Travel and Tourism Industry: ● UAE airlines projected a loss of $6.8 billion and a passenger drop of 31 million ● UAE airlines are currently down more than 30% year-to-date Gold Sector: ● The UAE saw an 11% drop in gold jewellery sales ● Jewellery stores in the UAE have opened, but demand has yet to pick up Restaurant Industry and Food Delivery: ● UAE food delivery revenues fell by 19% year-on-year in March and Dine-in revenues fell by 52% in March and 76% in April

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