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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
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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.

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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)

Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.

The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.

Offshore wind speeds tend to be faster and steadier than on land, a potential advantage compared with wind farms built on a continent. But offshore wind farms can be expensive, difficult to build and potentially affect marine animals and birds, according to the American Geosciences Institute.

The Brazilian government said the law provides guidelines for projects and restoration of explored areas, in addition to requiring prior consultations with affected communities to ensure "respect for traditional maritime practices and local culture."

More than 80% of Brazil's electricity comes from renewable sources, mainly hydroelectric, according to government data.

The president vetoed provisions in the law, introduced during the congressional debate, which would maintain incentives for "more polluting, expensive and inefficient energy sources such as thermoelectric, coal and gas plants," the statement said.