Dubai has adopted an economic stimulus package worth 1.5 billion dirhams ($408 million) to help counter the impact of the coronavirus, announced Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum on Saturday.

The package is the third package passed in response to the COVID-19 pandemic and brings the total spend up to 6.3 billion dirhams, he said on Twitter.

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.