Abu Dhabi’s Crown Prince, HH Mohamed bin Zayed Al Nahyan Deputy Supreme Commander of the UAE’s Armed Forces announced a comprehensive economic plan on Tuesday via Twitter.

In a series of Tweets, HH Sheikh Mohamed declared a comprehensive economic plan which will support investment into the economy, a provision to allocate 10,000 jobs to Emiratis over the next five years, dual licences for free zone operators and a new finance committee as part of the Department of Finance and more.

In total, ten initiatives to improve the ease of doing business in the Abu Dhabi…

Abu Dhabi’s Crown Prince announced the new economic plan aimed at accelerating economic growth

Under the guidance of HH Sheikh Khalifa bin Zayed, I have approved a 3-year AED 50bn economic stimulus package to support Abu Dhabi’s economic development and have tasked the Executive Council’s Executive Committee to draw up a working plan for allocations within 90 days.

Recommended

15 Ways To Celebrate Eid Al Fitr In Abu Dhabi!UAE Rulers Issued Condolences After Morocco Was Struck With A 6.8 Magnitude EarthquakeThe UAE Strongly Condemns The Burning Of Churches And Dozens Of Homes In Pakistan

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

A comprehensive economic plan supporting all sectors in Abu Dhabi

The new economic initiatives and incentives cover ease of doing business, supporting new sectors, developing SMEs, stimulating tourism, developing local economy & creating jobs, so as to build a unique investment environment that enhances Abu Dhabi’s competitiveness.

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

The statement included points on licensing requirements

I have instructed that new licenses be exempted from the requirement of having a physical presence for two years, to permit permanent home licenses, and to implement instant licensing systems in most commercial licence types and all services provided by Abu Dhabi Government.

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

Payments due to the private sector will be fast-tracked, a new finance committee will be appointed

I’ve instructed to accelerate the settlement of due payments on contracts for the private sector, to review all fines for the healthcare, education & municipalities’ affairs sectors, and to form a committee by the Executive Office and the Department of Finance to oversee this.

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

The UAE capital aims to attract investment to grow the economy

I’ve ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, “Ghadan”, which is Arabic for tomorrow, to attract and support value-added investments and technologies that would further grow Abu Dhabi’s economy.

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

And aims to provide 10,000 jobs for Emiratis over five years, and encourage local production

I’ve also ordered the provision of at least 10,000 jobs for Emiratis in the private and public sectors over the next five years, in addition to encouraging and organising local production and supporting SMEs to boost their competitiveness locally and regionally.

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

Dual licences for free zone operators, meaning they can operate outside free zones

Lastly, I’ve ordered the issuance of dual licenses for companies in Abu Dhabi free zones to enable them to work outside the free zones and to participate in government tenders.

— محمد بن زايد (@MohamedBinZayed) June 5, 2018

Want more Lovin in your life? Follow us! (Not in a creepy way)

Listen to the Lovin Dubai Before Brunch weekly podcast here

Get videos on the regular via the Lovin Dubai You Tube channel here

Or get your daily dose of Lovin on Instagram