"Recovery Committee": Completion of 46% of the first phase initiatives

388 billion dirhams total economic support packages and initiatives since the Coronavirus pandemic

  • The package of support and initiatives contributed to mitigating the repercussions of the pandemic on the labor market in the UAE.

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  • Abdullah bin Touq: "The UAE has made important strides in supporting the economy and accelerating the pace of recovery of vital sectors from the repercussions of (Covid-19)."

  • Sarah Al-Amiri: "The economic package contributes to the acceleration of the recovery of the industrial sector in the UAE."

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The Minister of Economy, Abdullah bin Touq Al Marri, stated that the UAE has made new and important strides in the process of supporting the national economy and accelerating the pace of recovery of various vital sectors from the repercussions of the "Covid-19" pandemic, as the total value of economic support packages and initiatives provided by the federal government has reached Since the beginning of the pandemic, local governments have exceeded 388 billion dirhams, which has contributed to business continuity, increased momentum of commercial activities and strengthened their ability to grow and compete in various vital sectors.

The economic plan

In detail, a committee to coordinate and follow up the implementation of the economic plan for recovery and advancement held its second meeting chaired by the Minister of Economy, Abdullah bin Touq Al-Marri, with the membership and presence of the Minister of Human Resources and Emiratisation, Nasser bin Thani Al-Hamli, the Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed Belhoul Al Falasi, and the Minister of State For Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Advanced Technology, Sarah Al-Amiri, and Minister of State for Artificial Intelligence, Digital Economy and Applications of Remote Work, Omar Sultan Al-Ulama.

The committee focused on what has been accomplished in each of the six tracks of the initiatives package, which include: enabling the new economy and developing priority sectors;

Opening new markets locally and internationally;

Providing financing support and facilitating lending;

Stimulating tourism;

Attracting and retaining talent;

And stimulate innovation.

The committee also reviewed the progress of work in the implementation of the 15 initiatives of the first phase, and announced that the rate of achievement in implementing these initiatives has reached 46% to date, as a number of major initiatives have been completed so far, including: amending the bankruptcy law, and allocating grants and incentives For tourism facilities, promoting foreign direct investment by amending the Commercial Companies Law, amending the Commercial Transactions Law, decriminalizing checks without balance, reducing fees and taxes on the tourism sector, enhancing labor market flexibility, and the comprehensive economic support plan directed by the Central Bank to enhance liquidity in the financial and banking sector in the country .

Unlimited support

Abdullah bin Touq Al-Marri said: “Thanks to the unlimited support and wise direction of our wise leadership, the UAE has made new and important steps in the process of supporting the national economy and accelerating the pace of recovery of various vital sectors from the repercussions of the Covid-19 pandemic, as the total value of economic support packages and initiatives has reached More than 388 billion dirhams have been provided by the federal government and local governments since the start of the pandemic, which has contributed to business continuity, increased momentum of commercial activities, and strengthened their ability to grow and compete in various vital sectors.

He added, "We are continuing our efforts to complete the implementation of the recovery and advancement plan initiatives, according to the approved schedule. The overall achievement rate in the first phase initiatives, today, is estimated at more than 46%."

For his part, Nasser bin Thani Al-Hamli stressed that the committee to coordinate and follow up the implementation of the economic plan for recovery and advancement reflects the vision of the wise leadership and the methodology of the UAE government's work in its rapid handling of the challenges of the "Covid-19" pandemic, according to a work system based on the complementarity of roles, and the strengthening of the partnership between The various bodies, which contributed greatly to mitigating the repercussions of the pandemic on the labor market in the UAE, which has been affected, like other global labor markets.

In this regard, he pointed to the implementation of two parallel tracks: The first is to reduce the operational cost of facilities to accommodate domestic foreign workers, by reducing fees for the service of issuing permits for the transfer of domestic foreign workers, canceling fees for services to start doing business in the labor market, and reducing fees for all permit services Work for small enterprises, which represent 65% of the total size of the current market, being the most affected by the pandemic, as the reduction percentage for these establishments reached about 75%, while the percentage of reduction in work permits for medium and large establishments amounted to more than 25%.

He emphasized that the other track represented in facilitating labor transfer procedures and enhancing the flexibility of the labor market, by allowing establishments to display job data and foreign workers surplus to their needs, through the "virtual labor market platform."

The UAE economy recovers from the repercussions of "Corona"

The Minister of State for Advanced Technology, Sarah Bint Youssef Al-Amiri, confirmed that the wise leadership's directives to establish a distinct approach, based on stimulating cooperation and joint action, contributes to strengthening the UAE's position at the forefront of the countries of the world, whose economy is recovering from the repercussions of the Corona pandemic (Covid-19) ).

She said, "The continuous support provided by the leadership creates a method of work that ensures continued concerted efforts to achieve economic development, according to a flexible, sustainable and long-term model."

She explained that the initiatives of the economic package, including proactive decisions and initiatives, contribute effectively to accelerating the recovery of the industrial sector in the UAE, confirming the active contribution of the Ministry of Industry and Advanced Technology in making continuous efforts to ensure the optimal implementation of the initiatives and employing all capabilities to contribute to empowering the industrial sector. And enhancing its global competitiveness.

For his part, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Omar Sultan Al Olama, affirmed that the directions and forward-looking visions of the UAE leadership, which focus on developing digital and technological infrastructure, made the country one of the most capable countries in the world prepared for economic challenges, and strengthened the government's readiness. To achieve rapid recovery and recovery, after the end of the emerging corona virus pandemic.

Omar Sultan Al Olama said that “the state’s initiatives to support vital economic sectors and the economic stimulus packages it has provided have contributed greatly to consolidating the positive outlook for the UAE economy and its leadership in exploring new opportunities and markets locally and internationally, and ensuring its long-term sustainability by empowering government and private actors in the sector. Economic, providing support, financing and soft loans to medium and small companies, manufacturers and entrepreneurs.

He added, "The UAE government's keenness to adopt advanced technology tools, support national energies, and attract and attract global talent and talent, will contribute to increasing economic competitiveness for strategic and future sectors."

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