Future secure with bold reforms
Foresight and bold decisionmaking. That’s what comes to mind when we talk of Abu Dhabi’s Dh50 billion stimulus to be rolled out over three years. The leadership, which has its ears to the ground, has taken a bird’s-eye view of the economic situation and has acted wisely to give the emirate a competitive edge for the future and secure it from negative global headwinds.
A dynamic economy driven by the young is what is envisaged by the leaders. Those willing to swim against the tide have a great future in this great country, is the message by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The economy is on a sound footing, yet these measures to consolidate its position is worthy of praise. Opportunities are aplenty for thousands of young
1 Work from home
A strong social impact. Offers job flexibility and more opportunities to freelancers and entrepreneurs. Less road traffic, fewer vehicles and cash savings on fuel are postive spinoffs
2 Speedy commercial licences
Ease of doing business further improves. Blockchain and other technology will come in handy here. A one-stop online window is the idea
3 Support to small businesses
A signal that the government is keen on backing SMEs. Entrepreneurship with government support will be revived. With dual licenses, the economic landscape will become more competitive. Companies in Abu Dhabi free zones can work outside and bid for government contracts
4 Swift govt payments
Boosts business confidence, and speeds up projects in the emirate. More importantly, there is financial security with the government keeping close watch over the process
5 Infrastructure regulations review
With an eye on costs, this will result in quicker clearances for relevant projects. An online mechanism would get projects off the ground after viability studies. Reasons to rejoice for the realty sector
6 Accelerators and Advanced Industries Council, Ghadan
Focus on technology, research and innovation. The Fourth Industrial Revolution could mean a shift to new tech like AI and robotics. Abu Dhabi hopes to be in the thick of action here
7 Eco-tourism, sports and recreation
Sustainable, clean tourism. It fits in with the economy’s diversification plans. Sports and recreation initiatives will be rolled out. An active society will bring down healthcare costs
8 Public and private sector collaboration
This could mean sharing resources and technical ideas between government and private corporations for economic convergence. Moreover, such partnerships would help attract more talent and benefit from new visa regulations
9 10,000 jobs for Emiratis
The Emiratisation process gains speed with this initiative
abu dhabi — Emiratis are welcoming the Dh50 billion economic stimulus package, announced on Tuesday by His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Citizens are hailing the move, which includes doubling housing loans and reducing waiting times for property development, adding that it is especially beneficial for young Emirati men who want to marry and have been unable to do so because of housing issues. “I know many friends who were resisting marriage, because they were afraid of not being able to provide for their family and worried about where to live,” Khalifa Al Fahim, a senior systems analyst, told Khaleej Times.
“I am certain that after this announcement, many Emiratis will feel more comfortable about getting married, not having to be worried about housing,” added the 31-year-old.
He pointed out that Emiratis with higher incomes are entitled to interest-free loans and land, but the loans would take up to 10 years to process, which was “a heavy burden.” Al Fahim stressed that waiting 10 years for housing loan processing only led Emiratis to spend their savings on rent, when they could have built homes on the lands that they were already given. “A lot of men have gone into a great debt because they are renting for years, on top of all the other expenses.”
If the loans processed quickly, Emiratis can begin building their homes and save he money they have been “wasting on rent for all these years” he noted.
However, under the new measures announced on Tuesday, waiting times will be reduced to a maximum of three years. “Cutting the time to three years maximum will really help Emiratis save money for their families and future.
“This is a huge and positive step forward for the UAE, especially for young Emirati men who want to marry and start a family. The move will certainly be a helping hand for many people,” added Al Fahim.
Salem Al Shehhi, Federal National Council (FNC) member, told Khaleej Times that Sheikh Mohamed bin Zayed’s approval of the economic stimulus package, which will immensely help boost housing projects, is “a humanitarian move,” because it will provide comfort to the lives of Emiratis. “This initiative comes on Zayed Humanitarian Day, which symbolises the purpose of this move, which is to help the country and its people. It is a humanitarian step and a great one indeed,” said Al Shehhi.
The FNC member pointed out that married Emiratis will no longer have to wait up to a decade for their houses to complete, adding that the reduction of waiting time will provide stability and a sense of relief.
“One of the essential needs of all citizens is to own a home; this is a basic and fundamental need. This is not just about settling in a house, but this is also about settling emotionally and not having to worry about renting or where to live,” added Al Shehhi.