UAE to implement 'flexible' plans to revitalise economy
A three-stage plan is in the works to boost growth, according to Ministry of Economy
Dubai: In a continuation of the UAE's economic relief measures, the UAE Ministry of Economy is to implement a "flexible package and plan" to support various sectors.
The plan seeks to create a more flexible economic environment "conducive to provide new opportunities and encourage investments in future sectors in support to the UAE's strategic vision and direction," the Minister said in a statement.
The timeframe of the plan involves three stages that will lead to "growth in vital sectors and set the country’s path towards sustainable development".
During its last meeting, the UAE Cabinet had approved various aspects of the flexible package and general plan to support various economic sectors, along with the formation of a Committee headed by Abdulla Bin Touq Al Marri, UAE Minister of Economy. The Committee is following up the implementation of the plan and is submitting its recommendations to the Cabinet.
What are the priorities?
The plan outlines 33 initiatives that will focus on "eight aspects" - support for the labor market, stimulation of trade, enhanced flexibility of financing activities, increased productivity, support for digital transformation, acceleration of "green economy", and enhanced food security.
The plan also involves monitoring of global developments in health and economy; the vitality of the UAE economy and its openness to global markets; and changes in public behavior and the subsequent impact on business activity.
In a statement, Abdulla Bin Touq Al Marri, UAE Minister of Economy, said: "The plan offers specific initiatives that address the requirements of the economic situation, by offering thoughtful stimulus packages that support and enhance economic activity."
The three stages
The first stage will pay attention to small and medium-sized companies, encourage domestic tourism, and support industry and manufacturing. Plus, there will be more flexibility for the labor market and encourage investment in digital companies.
The second phase will see the rollout of more initiatives aimed at SMEs, as well as for trade and productivity. Employment will be assigned top priority, as would digital transformations.
A third phase will "prepare" the country towards sustainable development. These include initiatives to nurture young professionals, career counselling, rehabilitation of employment for future-facing jobs, and further investment in the areas of the digital economy and agricultural technology. Also on the agenda would bethe promotion of blockchain and removing barriers to trade.
The plan also gives strong emphasis on initiatives for foreign trade activities. It is set to launch a phase which will further strengthen the UAE’s position as a preferred destination for trade and investment