عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Dubai Holding, Meraas Unveil Economic Relief Package of Over $272 Million

FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
TT
TT

Dubai Holding, Meraas Unveil Economic Relief Package of Over $272 Million

FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo

Dubai Holding, a global investment holding company, and Meraas, Dubai’s premier developer and operator of lifestyle destinations, have launched an economic relief package aimed at supporting existing business partners and customers across their portfolio of companies, Emirates News Agency (WAM) reported.

The relief package which amounts to more than AED1 billion (USD272 million) is designed to partially alleviate the burdens of certain businesses or individuals within the Dubai Holding and Meraas ecosystem, who have been impacted by the outbreak of COVID-19, WAM said.

"We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers whether they are companies or individuals by the outbreak of COVID-19. We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times," said Chairman of Dubai Holding and Meraas Sheikh Ahmed bin Saeed Al Maktoum.

Taskforces have been established at both Dubai Holding and Meraas to look at the specific requirements on a case-by-case basis to ensure that sufficient economic relief and support is made available, WAM said.

Most Viewed

 
 
Business

Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
TT
TT

Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.