Sharjah will launch a “bottomless” stimulus package amounting to hundreds of millions of dirhams to insulate tens of thousands of small and medium-sized businesses against the global downturn, the head of the emirate’s chamber of commerce said yesterday.
Speaking at a press conference, Hussain Mohammed al Mahmoudi said there were signs the enterprises, which are the engine of the emirate’s economic growth, were feeling the pinch of the downturn.
The chamber of commerce has issued 646 new commercial licences so far this year, six per cent fewer than in the same period last year, marking the first drop in a decade.
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