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21 April 2024

Mohamed bin Zayed approves Dh50bn economic package, 10 economic initiatives

By Wam

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Chairman of Abu Dhabi Executive Council, has approved an AED 50 billion economic stimulus package for Abu Dhabi, aimed at accelerating the economic growth over the next three years.

His Highness Sheikh Mohamed bin Zayed also launched ten new economic initiatives to improve the ease of doing business in Abu Dhabi and enhance the work experience for UAE nationals, residents and investors alike.

His Highness instructed the Executive Committee of the Abu Dhabi Executive Council to draw a detailed execution plan for the stimulus package within 90 days.

Aimed at boosting the competitiveness of Abu Dhabi’s private sector, the plan will comprise a set of initiatives, covering infrastructure and legislative projects, as well as SMEs, and industrial and social projects.

His Highness also launched a number of initiatives aimed at promoting the ease of doing business in Abu Dhabi, reducing associated costs, and implementing the necessary procedures to facilitate commercial and investment activities in all fields. This includes exempting all new licenses from the requirement of having an office or a work space in the Emirate for two years, permitting permanent home licenses, and implementing instant licensing systems in most commercial license types and all services provided by the Government.

Additionally, His Highness gave directives to accelerate the settlement of due payments on contracts for suppliers from the private sector, and to review all fines for the healthcare and education sectors, as well as all municipalities’ affairs. The directives also include the formation of a special committee, headed by the Executive Office and the Department of Finance, to oversee all relevant and related procedures.

In another initiative, His Highness directed the review of building regulations for the infrastructure, residential properties, commercial and industrial sectors, which would help reduce the costs for citizens, residents and investors, and support the urban development of Abu Dhabi.

In line with Abu Dhabi's diversification efforts, His Highness ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, "Ghadan", which is Arabic for tomorrow. The Council is to attract and support value-added investments and technologies that would predict and lead the development of Abu Dhabi’s economy on the local and regional stages.

His Highness also highlighted the importance of tourism in cementing Abu Dhabi’s global position as an attractive destination for investment, tourism and residence. For that, His Highness ordered to develop eco-tourism facilities and programmes of all kind, both nautical and mainland, in the Emirate, including the establishment of camping villages and various recreational sports areas.

His Highness stressed on the importance of supporting the development of the local economy and job creation in Abu Dhabi, by launching policies that promote partnerships between the public and private sectors, and projects that will accelerate active collaboration before the end of this year.

His Highness also ordered the creation of at least 10,000 jobs for Emiratis in the private and public sectors over the next five years, in addition to encouraging and organising local production and supporting SMEs to boost their competitiveness locally and regionally.

Additionally, His Highness ordered the issuance of dual licenses for companies in Abu Dhabi free zones to enable them to work outside the free zones and to participate in government tenders.