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Mon 23 Mar 2020 07:30 AM

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UAE increases stimulus to $34bn to fend off virus impact

UAE's central bank earlier this month rolled out a $27 billion package of measures to support its banks

UAE increases stimulus to $34bn to fend off virus impact

Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum. Image: WAM

The United Arab Emirates boosted the size of its stimulus package to $34 billion as the second-biggest Arab economy seeks to fend off the impact of the coronavirus.

The cabinet approved an additional support package of 16 billion dirhams, bringing the total size to 126 billion dirhams, according to a tweet by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, who is also the prime minister of the UAE.

The nation’s central bank earlier this month rolled out a $27 billion package of measures to support its banks. Abu Dhabi and Dubai, which are part of the UAE, have also announced separate measures.

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