Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan has approved an AED 50 billion ($13.6 billion) economic stimulus package for Abu Dhabi, aimed at accelerating the economic growth over the next three years.
In order to boost 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. Sheikh Mohammed instructed the Executive Committee of the Abu Dhabi Executive Council to draw a detailed execution plan for the stimulus package within 90 days.
The plan also included a number of initiatives aimed at promoting the ease of doing business in Abu Dhabi, reducing associated costs across industries. 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 licenses, and implementing instant licensing systems in most commercial license types and all services provided by the government.
The government will also issue dual licenses for companies in Abu Dhabi free zones to enable them to work outside the free zones and to participate in government tenders.
Additionally, Sheikh Mohammed gave 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.
Abu Dhabi, which has seen government spending contract following the decline in oil prices, is looking to forge a stronger partnership with the private sector. As per the plan, the emirate will launch policies that promote partnerships between the public and private sectors. All these initiatives would result in the creation of at least 10,000 jobs for Emiratis in the private and public sectors over the next five years.
The government is also establishing the Abu Dhabi Accelerators and Advanced Industries Council Ghadan, which means tomorrow in Arabic. The council is to attract and support investments and technologies that would predict and lead the development of Abu Dhabi’s economy on the local and regional stages.
Abu Dhabi, which opened the Louvre Museum last year, is also developing a slew of projects to ramp up tourism within the emirate.