How Tomorrow 2021 will shape the future

What is it?

Tomorrow 2021 is the name for Abu Dhabi’s economic reforms. In June, government officials were given 90 days to draw up reforms for a Dh50 billion stimulus package over three years. The reforms aim to diversify the emirate beyond reliance on oil and to firm up its status as a growing world power.

What is the plan?

Tomorrow 2021 is a fourpoint plan to shape the economic future. It focuses on: stimulating business and investment, particularly in the private sector and in renewable energy; improving the lives of UAE nationals through housing and good education; developing the knowledge sector with support for tech companies; and enhancing quality of life for all, through cultural, recreation and transport initiatives.

How will it affect jobs?

The plan is expected to bring 10,000 jobs for Emiratis in the private and public sectors over the next five years, while dual licences will be available for companies in free zones to allow them to bid for government tenders.

When will it start?

The effects of the Dh50 billion programme will be felt soon. Dh20bn will be ploughed into the economy as part of a 2019 development package.

Visa changes

The eight million nonEmirati residents will be given a stake in the UAE’s future. In reforms announced by the Cabinet on Sunday, residents over 55 can stay in the UAE for five years post-retirement if they have property worth Dh2 million, Dh1 million in savings or have a monthly active income of Dh20,000.

Reducing business costs

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced reduced electricity fees for factories, by 29 per cent for larger plants and by 10-22 per cent for smaller and medium-sized units.

Budget increases

President Sheikh Khalifa announced a Dh1.97bn budget increase for this financial year, allocated from UAE general reserves.