Dubai: An economic package of Dh50 billion has been launched to accelerate the pace of Abu Dhabi’s development and economic growth over the next three years.

The package was launched on Tuesday by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council. He tasked the Abu Dhabi Executive Council to develop an action plan within 90 days to determine the aspects of spending.

Shaikh Mohammad launched several initiatives and incentives to facilitate business and to support and encourage new sectors and SMEs and industrial projects.

The initiatives also aims to stimulate tourism and local economic development, create new job opportunities and provide unique and complementary investment environment to strengthen Abu Dhabi's competitiveness.

Shaikh Mohammad ordered the exemption of all new licences in the emirate from the pre-requisite of a two-year office, the permission of home licences, and allowing most commercial licences and all services provided by the Abu Dhabi government to implement the online licensing system.  

"The new economic initiatives and incentives cover ease of doing business, supporting new sectors, developing SMEs, stimulating tourism, developing local economy and creating jobs, so as to build a unique investment environment that enhances Abu Dhabi’s competitiveness," he said on Twitter.

More jobs for Emiratis

Shaikh Mohammad also said he has ordered the provision of at least 10,000 jobs for Emiratis in the private and public sectors over the next five years, "in addition to encouraging and organising local production and supporting SMEs to boost their competitiveness locally and regionally".

Accelerate settlement of dues

"I’ve instructed to accelerate the settlement of due payments on contracts for the private sector, to review all fines for the healthcare, education and municipalities’ affairs sectors, and to form a committee by the Executive Office and the Department of Finance to oversee this," Shaikh Mohammad said.

He also ordered the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, “Ghadan”, which is Arabic for tomorrow, to attract and support value-added investments and technologies that would further grow Abu Dhabi’s economy.

Dual licences for companies in free zones

Shaikh Mohammad Bin Zayed also ordered the issuance of dual licenses for companies in Abu Dhabi free zones to enable them to work outside the free zones and to participate in government tenders.