90 days to execute dh50b Abu Dhabi plan
abu dhabi — Within the next three months, Abu Dhabi will have in place a Dh50 billion economic stimulus package that will accelerate economic growth over the next three years. His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, approved the package late on Tuesday.
He also launched 10 new economic initiatives to improve the ease of doing business in Abu Dhabi and enhance the work experience for UAE nationals, residents and investors alike.
Sheikh Mohamed, who is also Chairman of the Abu Dhabi Executive Council, has given the council’s executive committee 90 days to draw a detailed execution plan for the package.
Aimed at boosting the competitiveness of Abu Dhabi’s private sector, the plan will comprise a set of initiatives, covering infrastructure and legislative projects, as well as SMEs, and industrial and social projects.
Ease of doing businessw
The Abu Dhabi Crown Prince launched a number of initiatives aimed at promoting the ease of doing business in Abu Dhabi, reducing associated costs, and implementing the necessary procedures to facilitate commercial and investment activities in all fields.
This includes exempting all new licenses from the requirement of having an office or a work space in the emirate for two years, permitting permanent home licences, and implementing instant licensing systems in most commercial licence types and all services provided by the government. Sheikh Mohamed also issued directives to accelerate the settlement of due payments on contracts for suppliers from the private sector, and to review all fines for the healthcare and education sectors, as well as all municipalities’ affairs.
The Crown Prince’s directives to boost the economic growth also include the formation of a special committee, headed by the Executive Office and the Department of Finance, to oversee all relevant and related procedures.
He also highlighted the importance of tourism in cementing Abu Dhabi’s global position as an attractive destination for investment, tourism and residence.
Sheikh Mohamed directed the council to develop eco-tourism facilities and programmes of all kind, both nautical and mainland, in the emirate, including the establishment of camping villages and various recreational sports areas.
Urban development
In another initiative, Sheikh Mohamed directed the review of building regulations for the infrastructure, residential properties, commercial and industrial sectors. This would help reduce the costs for citizens, residents and investors, and support the urban development of Abu Dhabi.
In line with Abu Dhabi’s diversification efforts, he ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, ‘Ghadan, which is Arabic for tomorrow.
The council will attract and support value-added investments and technologies that would predict and lead the development of Abu Dhabi’s economy on the local and regional stages. —