A Summary of Ministerial Resolutions No 279 and No 280

In an effort to assist private businesses (the “Companies”) dealing with the financial effects of COVID-19, the Ministry of Human Resources and Emiratization (the “Ministry”) has published “Ministerial Resolution 279 of 2020 on Employment Stability in the Private Sector during the Period of Application of Precautionary Measures to Curb the Spread of Novel Coronavirus” (“Resolution…

Saudi Arabia Announces USD 31.9 Billion Stimulus Package to Mitigate the Economic Crisis Caused by the COVID-19 Outbreak

The Saudi Arabian government has recently announced a SAR 120 billion (USD 31.9 billion) financial stimulus package to mitigate the economic effects of the COVID-19 outbreak in the Kingdom. This stimulus package is made up of SAR 70 billion (USD 18.6 billion) to support the private sector and central bank’s SAR 50 billion (USD 13.3…

Dubai Free Zones Council Announces a New Business Stimulus Package

Dubai Free Zones Council announced late yesterday a business stimulus package that complimented the previous packages announced by the UAE Government and the Emirate of Dubai. The package included deferral of rent payments for up to six months, reimbursement of guarantees and security deposits, facilitating financial payments through easy installments on a monthly basis, cancellation…