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.


Germany bans Iranian airline on suspicion of spying, terror

Updated 21 min 46 sec ago
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Germany bans Iranian airline on suspicion of spying, terror

  • Several European Union countries accuse Iran of carrying out spying operations or planning attacks on the continent
  • The government suspects the airline, which has been on a US sanctions list since 2011, is used for military purposes by the IRGC

BERLIN: Berlin has revoked Iranian airline Mahan’s right to operate in Germany, a senior government source told Reuters on Monday, giving both safety concerns and the suspicion that the airline was being used for military purposes as reasons.
The government suspects the airline, which has been on a United States sanctions list since 2011, is used for military purposes by Iran’s Revolutionary Guards as well as for terrorist activities.
Several European Union countries accuse Iran of carrying out spying operations or planning attacks on the continent. The government source said that the flight did not constitute general sanctions against Iran.