Abu Dhabi announces $13.6 bln economic stimulus package

Abu Dhabi’s Crown Prince Sheikh Mohamed bin Zayed Al Nahyan approved an AED 50 billion ($13.61 billion) economic stimulus package for Abu Dhabi, aimed at accelerating the economic growth over the next three years, a statement published by state-owned Emirates News Agency (WAM) said on Tuesday.

The ten new economic initiatives were launched to improve the ease of doing business in Abu Dhabi and enhance the work experience for UAE nationals, residents and investors alike.

Crown Prince instructed the executive committee of the Abu Dhabi Executive Council to draw a detailed execution plan for the stimulus package within 90 days, WAM said.

The new initiative will speed up contract payments for suppliers in the private sector and exempt new licenses from the requirement of having a physical presence in the emirate in the first two years.

“Under the guidance of HH Sheikh Khalifa bin Zayed, I have approved a 3-year, 50 billion dirham economic stimulus package to support Abu Dhabi’s economic development and have tasked the Executive Council’s Executive Committee to draw up a working plan for allocations within 90 days,” Sheikh Mohammed tweeted.

He 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.

In line with Abu Dhabi's diversification efforts, Sheikh Mohammed ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, "Ghadan", which is Arabic for “tomorrow”.

Last week, the UAE Central Bank said that economic growth rose by 1.2 percent in the Q1 2018, accelerating from 0.1 percent in the previous quarter year-on-year.

Non-oil economic activity in the UAE increased by 3.1 percent from a year earlier over the same period, it added.