March 12, 2020 / 8:05 PM / 3 months ago

UPDATE 1-Dubai's government announces economic stimulus package

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CAIRO, March 12 (Reuters) - The Crown Prince of Dubai on Thursday announced an AED 1.5 billion ($408 million) stimulus package aimed at supporting the retail, trade, tourism and energy sectors.

Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum said on Twitter that the measures would cut costs for businesses and residents over the next three months.

He did not give a reason for the stimulus package, which comes as countries around the world are seeking to soften the economic impact of the coronavirus outbreak.

Steps would include a 50% reduction in municipality fees on hotel sales and reducing water and electricity bills by 10 percent for residential, commercial and industrial users. (Reporting by Hesham Abdul Khalek; Editing by Toby Chopra and Mike Collett-White)

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