Sheikh Mohamed approves Dh50 billion economic stimulus package for Abu Dhabi
An economic package of Dh50 billion has been launched to accelerate the pace of Abu Dhabi’s development and economic growth over the next three years.
The package was launched on Tuesday by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council. He tasked the Abu Dhabi Executive Council to develop an action plan within 90 days to determine the aspects of spending.
Shaikh Mohammad launched several initiatives and incentives to facilitate business and to support and encourage new sectors and SMEs and industrial projects.
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The initiatives also aims to stimulate tourism and local economic development, create new job opportunities and provide unique and complementary investment environment to strengthen Abu Dhabi’s competitiveness.
Shaikh Mohammad ordered the exemption of all new licences in the emirate from the pre-requisite of a two-year office, the permission of home licences, and allowing most commercial licences and all services provided by the Abu Dhabi government to implement the online licensing system.
“The new economic initiatives and incentives cover ease of doing business, supporting new sectors, developing SMEs, stimulating tourism, developing local economy and creating jobs, so as to build a unique investment environment that enhances Abu Dhabi’s competitiveness,” he said on Twitter.
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