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.