UAE approves over $13 billion economic package

UAE capital Abu Dhabi's skyline in the night. (Shutterstock)
Updated 06 June 2018
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UAE approves over $13 billion economic package

  • The UAE approved an economic package on Tuesday worth over $13 billion aimed at accelerating economic growth in Abu Dhabi
  • Crown Prince Sheikh Mohammed bin Zayed launched 10 new economic initiatives to create 10,000 new jobs for nationals

DUBAI: The UAE approved an economic package on Tuesday worth over $13 billion aimed at accelerating economic growth in Abu Dhabi over the next three years, state news agency WAM reported.

In addition to the approval, Crown Prince Sheikh Mohammed bin Zayed launched 10 new economic initiatives to create 10,000 new jobs for nationals over the next five years. This is aimed at improving businesses in the capital, as well as accelerating work experience for nationals, residents and investors.

“I have approved a 3-year 50 billion dirham economic stimulus package to support Abu Dhabi’s economic development,” Sheikh Mohammed said on Twitter late Tuesday.

He said he has asked the emirate’s executive council to draw up a working plan for allocations within three months.

The plan will also boost competitiveness within Abu Dhabi’s private sector, and will be made of a set of initiatives that covers projects in infrastructure, industrial, social, and legislative sectors.

Two weeks ago, the UAE announced new incentives to lure foreign investors that included a 100 percent ownership of companies and a 10-year visa for professionals and investors.


First IT-related company starts trading in Saudi bourse

Updated 24 April 2019
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First IT-related company starts trading in Saudi bourse

DUBAI: Shares of Al-Moammar Information Systems Company started trading at the Saudi Stock Exchange (Tadawul) on Wednesday, the first IT-related entity in the bourse’s roster of 201 listed companies.

Al-Moammar Information Systems Company has been assigned a trading symbol of 7200. The trading symbol is used by investors and traders to transact orders.

Shares were up 3.2 percent to 48.2 riyals in late trade, with 1,038,877 counters changing hands.

The company held a five-day public offering last March and opened for subscription 4.8 million ordinary shares, at an offer price of 45 Saudi riyals per share, representing 30 percent of its paid-up capital.

Saudi Fransi Capital was assigned as financial advisor, lead manager, bookrunner and underwriter of the offering, while Riyad Bank, Saudi British Bank and Banque Saudi Fransi were tasked as receiving agents.