São Paulo – Abu Dhabi has launched an AED 50 billion stimulus package designed to accelerate economic growth and development over the next three years. The amount is equivalent to USD 13.6 billion at current conversion rates.
The package was announced on Tuesday (5) by sheikh Mohammad Bin Zayed Nahyan (pictured above), the Abu Dhabi crown prince, Abu Dhabi Executive Council chairman and deputy supreme commander of the UAE Armed Forces.
Gulf News reported that the Executive Council was tasked by Nahyan to develop an action plan within 90 days regarding spending.
The package is intended to facilitate business, support and encourage new sectors, small and medium enterprises and industrial projects, stimulate tourism, create new job opportunities and provide a unique investment environment to strengthen Abu Dhabi’s competitiveness.
Measures already in place include the extinction of a two-year office requirement for issuance of new business licenses, the availability of online licensing for commercial licenses and all government services, and of dual licenses enabling companies in free zones to operate outside those zones.
Nahyan also ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council to “attract and support value-added investments and technologies that would further grow Abu Dhabi’s economy,” Gulf News reported, as well as the acceleration of settlements of “due payments on contracts for the private sector.” The new plan also aims to create 10,000 public and private sector jobs for Emiratis.
Translated by Gabriel Pomerancblum