Abu Dhabi getting a much needed economic boost
The Emirates News Agency (WAM) reported on Tuesday the 5th of June that Prince Mohamed Bin Zayed has approved a $13.6 billion economic stimulus package meant to revitalize and boost economic performance and growth in the Abu Dhabi Emirate, over a period of 3 years. The Crown Prince assigned the Executive Committee of the Abu Dhabi Executive Council to draw a detailed execution plan for the stimulus package within 90 days.
He also “launched 10 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,” WAM reports.
These initiatives aim to improve competitiveness in Abu Dhabi’s private sector. According to a report by Emirates NBD in 2017, non-oil revenues have been on the rise, following a difficult two years in which government spending had been curbed. The Crown Prince’s new plan is meant to directly counteract this previous slump in state-funded spending, and hopefully revitalize Abu Dhabi’s private sector.
The new initiatives will provide support to infrastructure and legislative projects, SMEs, and industrial and social projects.
Depreciating costs, appreciative businesses
These initiatives are also 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.
A particularly welcome change is the exemption of all new licenses from the requirement of having an office or a workspace 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.
Citizens, residents and investors will be glad to hear that one of the new initiatives will support the urban development of Abu Dhabi, which will decrease costs in the long run.
Following through with the UAE’s diversification efforts, the Crown Prince ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, “Ghadan”. The Council is to nurture and develop Abu Dhabi’s economy on the local and regional stages.
Sheikh Mohamed Bin Zayed has also ordered the development of eco-tourism facilities and programmes of all kind, both nautical and mainland, in hopes of bringing Abu Dhabi into the spotlight as a premier tourist destination. The Emirate’s hotel industry is currently experiencing growth, with The Department of Culture and Tourism – Abu Dhabi (DCT) revealing in January that the number of guests staying in Abu Dhabi city during the year rose by 10.3% to 4,295,030 across its 131 hotels and hotel apartments and their 26,821 rooms.
New policies were also introduced to promote partnership between the public and private sector, which ties in with His Highness’ decree to create 10,000 new jobs in both of these sectors.
Finally, WAM reports that “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.”