High ground: The Burj Khalifa stands above other skyscrapers in Dubai, the UAE. The country has unveiled a 50-billion dirham aid package for banks. — Bloomberg
ABU DHABI: Three of the biggest Arab economies have pledged almost US$47bil in stimulus to limit the economic damage of the coronavirus outbreak, joining a global effort meant to soothe markets and salvage growth.
Saudi Arabia’s central bank unveiled a 50-billion riyal (US$13.3bil) package to support private businesses, soon after its counterpart in the United Arab Emirates (UAE) announced a US$100bil dirham (US$27.2bil) programme to assist its lenders. Egypt said it will allocate 100 billion Egyptian pounds (US$6.4bil) to combat the coronavirus.
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