Abu Dhabi announces Dh50b economic stimulus package

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, announced a Dh50-billion economic stimulus package for Abu Dhabi. Measures were aimed at boosting the non-oil economy by helping business, supporting SMEs and stimulating tourism.

Initiatives include dual licences enabling firms in free zones to work onshore and bid for government contracts and helping SMEs boost their competitiveness. Most commercial licences would be issued immediately, with no requirement for a physical presence, and home licences would allow for working from residential premises.

Shaikh Mohammad also ordered the setting up of an Abu Dhabi Accelerators and Advanced Industries Council to attract and support investments and technologies to further diversify Abu Dhabi’s economy. He further ordered the creation of 10,000 jobs for Emiratis in the public and private sectors.