GOVERNMENT INITIATIVES TO STIMULATE ECONOMY

A working capital credit guarantee programme to give small and mediumsized enterprises access to Dh10 billion in financing over the next three years available from local banks at reduced interest rates.

The establishment of a small claims court.

A new policy from the first quarter of 2019 will give local companies preference in government tenders. This accounts for more than 50 per cent of current government spending categories.

A public-private partnership law that will be issued soon.

The launch of three to five projects to be tendered in the first quarter of next year in the housing, roads, infrastructure, energy and healthcare sectors, with a total value of more than Dh3bn.

All undisputed private sector dues and receivables will be settled before November 15.

Structural changes have been made in the payment processes to ensure payments are made to private contractors on time.

Legislation to be issued within 30 days aimed at regulating payment times of financial receivables in the public and private sectors.

The Government will also hold a monthly forum for dialogue with the private sector.

All zoning and regulatory information for all plots across the emirate will be made available online by the end of next month.

The process of issuing building permits will be streamlined to within 10 days.

A new building law to help lower the cost of building and owning property is in the final drafting stage.

In the tourism sector there will be a 2.5 per cent reduction in tourism fees,

2 per cent in municipality fees and a Dh5 reduction in hotel fees.

A budget of more than Dh500 million has been allocated over the next three years to promote Abu Dhabi as a tourism destination both regionally and globally.