Dubai announces over US$270M in economic support for businesses, families

A plume of smoke caused by an Iranian strike is seen in the background as Emirates planes are parked at Dubai International Airport after its closure in Dubai, United Arab Emirates, Sunday, March 1, 2026. (AP Photo/Altaf Qadri)

Dubai will provide support worth over US$270 million to help businesses and families, authorities announced Monday, with the Gulf states facing economic disruption from Iran’s aerial attacks and closure of the Strait of Hormuz.

“Today, we approved support measures worth AED 1 billion ($272 million) for the economic sector, aimed at assisting individuals, families, and businesses in navigating these exceptional circumstances,” Dubai’s media office said in a statement.

It added: “Long-term government planning reflects Dubai’s unwavering commitment to its citizens, residents.”

The United Arab Emirates and other Gulf countries have faced waves of drone and missile salvos from Iran after Tehran unleashed a retaliatory aerial campaign on its neighbours in response to U.S. and Israeli strikes beginning on Feb. 28.

The attacks on the oil-rich states, including their hydrocarbon infrastructure, and Iran’s effective closure of the Strait of Hormuz, a crucial shipping route for around a fifth of global crude oil and liquefied natural gas, have disrupted Gulf economies and punctured their image as a safe haven for business and investment.

The media office said figures showed Dubai’s economy had grown 6.4 per cent in the fourth quarter of 2025, according to updated GDP data.

The feared energy shock caused by the ongoing war has shaken international markets and pushed up prices globally.