Khaleej Times

Package to speed up all-round growth

- 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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