Strategic Investments to be bolstered by the Emirates government.
The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces Sheikh Mohamed bin Zayed stated that “the UAE has devised out a plan for sparking an environment that supports in boosting up the strategic investment sectors and also drives in to get the best in capital expenditure and development projects.”
Sheikh Mohammed also stated by tweeting on his official account that “there have been strict directives that has been issued by him for going ahead with the approved capital expenditures as well as core developmental projects in the Emirates and in taking up furthermore steps preserving Abu Dhabi’s Economic benefits and in the prioritization of all start-ups as well as SME’s.”
He further added that “the core authorities will continue in the line of development and relaxing the investment laws and regulations, thus, making it more flexible for maintenance of overall economic development. He further added that they are confident in providing boost up for the regional economy as well as for navigating the market/business fluctuations.”
With the global economy facing their huge challenge since the 2008’s global financial crisis and therefore “the authorities are continually developing as well as easing out all investment laws as well as regulations for making it more flexible for maintain their overall economic development.”
Following are the directives issues to strengthen economy at a time when there are critical issues that have erupted across the globe.
- Dh5 billion to be allocated for subsidising water and electricity for citizens, and commercial and industrial activities.
- Electricity connection fees for start-ups to be subsidized until the end of 2020.
- All commercial and industrial activities to be exempted from Tawtheeq fees for 2020.
- The Abu Dhabi Investment Office to allocate Dh3bn to the SME credit guarantee scheme managed by “stimulate financing by local banks and enhance SME’s ability to navigate the current market environment”.
- Allocating Dh1bn to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stocks.
- Settling all approved government payables and invoices within 15 working days.
- Suspending bid bonds and exempting start-ups of performance guarantees for projects up to Dh50 million.
- Curbing property leasing fees by 25 per cent on all new contracts.
- Suspending Real estate registration fees for 2020.
- Waiving current commercial and industrial penalties.
- Exempting commercial vehicles from annual registration fees to the end of 2020.
- Exempting all vehicles from traffic tariffs and road tolls to the end of 2020.
- Suspending tourism and municipality fees for tourism & entertainment sectors for this year.
- Offering up to 20% rebate on rental values for the restaurants and tourism and entertainment sectors.
- Establishing a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies.