Coronavirus: Abu Dhabi to announce wave of stimulus packages for investment

Abu Dhabi: Authorities in the capital are set to announce a series of stimulus packages to boost SMEs and ease the availability of loans to local companies.

In a series of tweets on Monday, His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, announced that all approved capital expenditure and development projects in the emirate will continue as planned.

“I’ve discussed with officials in Abu Dhabi the current economic and business climate...The existing stimulus programmes in Abu Dhabi and those launched recently by the Central Bank and local governments are the solid pillars that will support & protect the UAE's economic stability.”

He also stressed that strategic plans will be put in place to enhance the investment sector, and that a new committee will be set up to review lending options to support local companies.

“I’ve given directives to continue with all approved capital expenditure and development projects in the emirate, and to take further measures to preserve Abu Dhabi’s economic gains, prioritising startups and SMEs,” said Sheikh Mohamed Bin Zayed.

“I’ve given further directives to put plans to stimulate strategic investment sectors, and to form a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies,” he said.

“Our authorities will continue developing and easing the investment laws and regulations, making them more flexible to maintain our economic development. We are confident in the resilience of our national economy and its ability to navigate market fluctuations,” he added.