The Executive Council of the Emirate of Abu Dhabi today announced a package of economic incentives and accelerating the pace of completion and implementation of the most important economic initiatives within the "Tomorrow 21 Program", with the aim of supporting economic activities, reducing the cost of living and facilitating business in the emirate.
His Highness Sheikh Mohammed bin Zayed Al Nahyan stressed that the current economic incentives package launched by Abu Dhabi, along with the initiatives recently launched by the Central Bank and local governments, are pillars to boost the economy and maintain the economic stability of the United Arab Emirates.
His Highness directed to continue all approved capital and development projects in the emirate and take further measures to protect Abu Dhabi's economic gains and give priority to emerging companies and small and medium-sized companies.
His Highness Sheikh Mohammed bin Zayed Al Nahyan also directed the development of plans aimed at stimulating the strategic investment sectors, and ordered the formation of a new committee headed by the Finance Department, and in its membership includes the Department of Economic Development and local banks to review borrowing programs in order to support local companies.
His Highness Sheikh Mohammed bin Zayed Al Nahyan stressed that the relevant bodies will continue to develop investment laws and regulations to become more flexible in order to preserve our economic development, expressing his confidence in the flexibility of our national economy and its ability to overcome market fluctuations.
For his part, His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office .. that new initiatives directed by His Highness Sheikh Mohammed bin Zayed Al Nahyan will contribute to protecting the gains of Abu Dhabi and support the private sector in it, pointing to These directives come within the framework of his firm economic vision and sound guidance.
His Highness added, "It is under the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan and the follow-up of His Highness Sheikh Hazaa bin Zayed Al Nahyan, Vice Chairman of the Executive Council of the Emirate of Abu Dhabi, and His Highness Sheikh Tahnoon bin Zayed Al Nahyan, member of the Executive Council and Chairman of the Abu Dhabi Committee for Strategic Affairs ... The Executive Council announced new initiatives It keeps pace with current developments and challenges and works to protect Abu Dhabi's gains and support economic stability in the emirate. "
His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan stressed that the "tomorrow 21" initiatives that were implemented during the past year contributed to expanding our support for companies in Abu Dhabi .. Today we are working to accelerate the pace of new initiatives that address current economic challenges and move forward in the development process at the time same".
The initiatives announced by the Executive Council include the allocation of five billion dirhams to support electricity and water for citizens and the commercial and industrial sectors in order to reduce the cost of living, doing business and electricity delivery fees for startups until the end of the year.
It also includes allocating three billion dirhams to the "credit guarantees" program to stimulate the financing of medium and small companies, which is managed by the Abu Dhabi Investment Office, with the aim of enhancing the ability of these companies to pass the current market conditions.
The Executive Council also allocated one billion dirhams to establish the "Market Maker Fund", which aims to provide liquidity and find a continuous balance between supply and demand for shares on the Abu Dhabi Stock Exchange.
The initiatives announced today include the exemption of all commercial and industrial activities from the “Tawtheeq” service fees, the cancellation of real estate registration fees for individuals and institutions for this year, in addition to stopping work on bidding guarantees and exempting startup companies from a well-executed guarantee for projects that amount to 50 million dirhams.
Commercial vehicle registration fees have also been canceled, as well as Abu Dhabi portal traffic tariffs for all vehicles..In addition, all tourism and municipal fees for the tourism and entertainment sectors have been canceled for this year, with a cash recovery of up to 20% of the rental value for the restaurants, tourism and entertainment sectors.
The economic incentives package also includes the payment of all agreed governmental obligations and invoices to companies within 15 working days, and the elimination of all current commercial and industrial violations, in addition to reducing the fees for leasing industrial lands to new contracts by 25%.
According to the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, the committee formed under the chairmanship of the Department of Finance in Abu Dhabi and comprising members of the Abu Dhabi Department of Economic Development and representatives of local banks .. has been charged with reviewing borrowing programs to support companies based in Abu Dhabi, while all The measures and initiatives announced as part of the economic stimulus package come into effect immediately.