Abu Dhabi has unveil an AED 50 billion (13.6 billion dollars) economic stimulus package to accelerate economic development throughout the following three years.
Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, who is Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council, instructed the Council’s Executive Committee to come up with 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.
According to Emirates News Agency, WAM, the Crown Prince 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.
His instructions included 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, WAM said.
He 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, the Crown Prince 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, he ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, “Ghadan” (Arabic for tomorrow), to attract and support value-added investments and technologies that would predict and lead the development of Abu Dhabi’s economy locally and regionally.
He highlighted the importance of tourism in cementing Abu Dhabi’s global position as an attractive destination for investment, tourism and residence. For that, he ordered to develop eco-tourism facilities and other establishments.
He stressed 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 by the end of 2018.
The Crown Prince 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 organizing local production and supporting SMEs to boost their competitiveness locally and regionally.
Additionally, he 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.