DUBAI — Dubai has announced a new package to help the economy cope with the effects of the coronavirus outbreak. The package is worth 1.5 billion dirhams ($408 million), the crown prince of the emirate, Hamdan Bin Mohammed Al-Maktoum, said on Twitter on Saturday.

The package is the third announced by Dubai, the second largest and wealthiest member of the United Arab Emirates federation. The three packages are worth a total of 6.3 billion dirhams, Sheikh Hamdan said.

Sheikh Hamdan listed some of the beneficiaries from the stimulus including schools.

"We adopted the initiative to cancel fines and exempt private schools from fees for renewing commercial and educational licenses until the end of next December," he tweeted on Saturday.

"We trust in the flexibility and durability of our economy ... We stand together with the private sector to move beyond this stage very quickly ... We are keen to return business to normal as soon as possible and we confirm our commitment to support all economic sectors," he added. — Agencies