Pack­age to speed up all-round growth

Khaleej Times - - A BOOST TO ECONOMY - Is­sac John

dubai — An­a­lysts and economists be­lieve that the three-year stim­u­lus pack­age an­nounced by His High­ness Sheikh Mo­hamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Com­man­der of the UAE Armed Forces, would trigger a new cy­cle of de­vel­op­ments and eco­nomic di­ver­si­fi­ca­tion for Abu Dhabi. The new blue­print for growth is well timed as it comes close on the heels of a sig­nif­i­cant fed­eral ini­tia­tive two weeks ago to woo in­vestors by al­low­ing 100 per cent own­er­ship of com­pa­nies and a 10-year visa for pro­fes­sion­als and in­vestors.

Busi­ness lead­ers are quite up­beat on the positive fall­out of the land­mark growth ini­tia­tive, which seeks to create 10,000 jobs for na­tion­als over the next five years and to make do­ing busi­ness eas­ier while en­hanc­ing econ­omy’s com­pet­i­tive­ness and re­in­forc­ing in­vestor con­fi­dence.

They be­lieve some of the bold mea­sures would fur­ther re­in­force in­vestor con­fi­dence and en­hance com­pet­i­tive­ness while sig­nif­i­cantly im­prove ease of do­ing busi­ness in Abu Dhabi.

Ja­mal Al Dha­heri, CEO of Se­naat, said: “At the heart of this an­nounce­ment are initiatives that will at­tract more in­no­va­tive tal­ents and projects across all eco­nomic sec­tors.”

Yusuf Ali MA, chair­man and man­ag­ing di­rec­tor of Lulu Group In­ter­na­tional, said the rev­o­lu­tion­ary ini­tia­tive would def­i­nitely act as a cat­a­lyst to spur the growth not only in Abu Dhabi and the UAE but the en­tire re­gion.

Mo­hamed Khal­ifa Al Mubarak, chair­man of the De­part­ment of Cul­ture and Tourism – Abu Dhabi, said the new di­rec­tive re­it­er­ates the piv­otal role that the tourism sec­tor con­tin­ues to play, es­pe­cially in in­tro­duc­ing Abu Dhabi to the world as a global des­ti­na­tion for not only short-term vis­its, but also for in­vest­ment and long-term stays.

Pras­anth Mang­hat, CEO and ex­ec­u­tive di­rec­tor, NMC Health Plc., said the tim­ing is sig­nif­i­cant as it comes within few weeks of the new visa and for­eign own­er­ship rules been an­nounced.

Dr Shamsheer Vay­alil, chair­man and man­ag­ing di­rec­tor of VPS Health­care, said the re­forms would create an even more busi­ness­friendly en­vi­ron­ment and po­si­tion Abu Dhabi front-and-cen­tre with in­vestors across the world.

Abhishek Sharma, Foun­da­tion Hold­ings CEO, said: “Most economists al­ready agree that the eco­nomic stim­u­lus pack­age would im­me­di­ately lift con­sumer spend­ing and the dis­counts that tar­get mid and low-in­come fam­i­lies will work even better.”

is­sacjohn@khalee­j­times.com

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