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Jun, 06 2018

Abu Dhabi's $13.6 Billion Plan to boost SME

The officials are asked to bring a working plan for allocations within 90 days.

Abu Dhabi's $13.6 Billion Plan to boost SME

The emirate’s crown prince said, Abu Dhabi will spend 50 billion dirhams ($13.6 billion) over three years to stimulate its economy.

Mohamed Bin Zayed al-Nayhan said, the government is taking steps to support new industries, encourage tourism and make it easier to do business.

The officials are asked to bring a working plan for allocations within 90 days.

The crown prince has ordered the provision to bring about 10,000 jobs for Emiratis in the public and private sectors over five years.

A new council for advanced industries will be created “to attract and support value-added investments,” while the settlement of outstanding payments due to private contractors will be accelerated.

Gulf Arab nations are putting all their efforts in shifting their economies away from dependence on oil and gas revenues, by encouraging new industries and attracting foreign investment.

 Saudi Arabia has also announced a plan to revive growth by bolstering public spending.

Abu Dhabi’s stimulus plan follows the announcement of measures by Dubai’s ruler and the prime minister of the United Arab Emirates, Sheikh Mohammed Bin Rashid.

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