Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, on Thursday unveiled an economic stimulus package worth Dh1.5bn aimed at reducing the effects of the coronavirus.
The package includes measures to protect businesses, especially in tourism, retail, external trade and logistics services.
"The world is going through difficult times but we have the capability to navigate challenges successfully,” Sheikh Hamdan said.
“As we have learned from Sheikh Mohammed, challenges enhance a society’s ability to develop and advance by generating innovative and creative solutions.”
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, issued directives for the stimulus package to provide the highest support for citizens, residents and investors in these exceptional circumstances, Sheikh Hamdan said.
The measures will be introduced with immediate effect and will be valid for the next three months, after which their effects on the economy will be reviewed.
The Dubai government has introduced nine initiatives over the next three months, including a freeze on the 2.5 per cent market fees for all facilities operating in Dubai.
There will also be a refund of 20 per cent on the Customs fees imposed on imported products sold locally in Dubai markets.
A 10 per cent cut to water and electricity bills for citizens, expatriate residents and businesses will be brought in for three months to reduce living and operating costs.
The deposit paid for water and electricity connections will be reduced by 50 per cent.
"We are continuing our efforts to become a major player in shaping the future of the world,” Sheikh Hamdan said.
He said the Dubai government was working “to ensure Dubai remains a model in enabling people to achieve the highest levels of excellence and success".
The spread of coronavirus around the world has hit economies hard.
Financial markets worldwide endured their worst day since 1987 as continued fears about the effect it could have continue to shake investor confidence.
Governments in many countries have unveiled stimulus packages aimed at protecting their citizens from the virus.