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UAE's economic revival engine shifts to high gear as 15 acts get green light

The first phase of a pioneering "33-initiative strategy" designed to revive and turbo-charge the UAE's economic growth received the go-ahead of a high-level interim committee headed by the UAE's Minister of Economy, Abdulla bin Touq Al Mari.

The first phase of the strategic plan, being implemented with the support of 12 ministries and federal and local entities, aims to provide immediate support for business sectors and the economy through 15 major initiatives, the Ministry of Economy said.

The second phase will see the launch of complementary support to enable rapid economic recovery while the third phase will provide integrated support to vital sectors and will open up a sustainable and flexible development path for the economy and future.

The committee, in a virtual meeting chaired by Al Mari, approved six main work streams to implement the 33 initiatives unveiled by the UAE Cabinet on August 3.

The committee reviewed the initiatives that are currently in the implementation stage, their progress and the mechanisms that have been approved. The formation of an executive team, headed by Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, was approved as well.

"We have come a long way in driving forward economic recovery efforts since the spread of the Covid-19 pandemic until today," Al Mari said. With the unlimited support and the guidance from the UAE leadership, the government has been working on business continuity in many vital sectors in the country and supporting the private sector and stimulating trade and investment, he said.

The implementation of the first phase of the package of initiatives will be driven by a vision to work in a way that balances public health and economy, he added. "Through the Interim Committee, we continue to implement the 33 initiatives packages designed to enhance the growth, sustainability and competitiveness of the country's economic sectors."

Al Marri said the initiatives seek to ""develop policies and legislations that raise the UAE's future readiness, enhance opportunities, and attract advanced industries and strategic sectors that support the country's 50-year Economic Plan".

He added the committee would ensure a time-bound implementation continuously evaluate the outcome and impact on the market and business sectors.

"This helps ensure the flexibility of the initiatives and their ability to adapt to the developments in the national and global health and economic conditions."

The committee meeting was attended by Dr Al Falasi; Nasser bin Thani Al Hamli, Minister of Human Resources and Emiratisation; Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology; Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; Abdulla Mohammed Al Basti, secretary-general of the Dubai Executive Council; Younis Haji Al Khouri, under-secretary of the Ministry of Finance; Saif Hadef Al Shamsi, deputy governor of the Central Bank of the UAE; and Dr Mohamed Rashed Al Hameli, secretary-general of the Abu Dhabi Executive Council.

Al Hamli said since the outbreak of the pandemic, efforts have been focused on supporting the stability of the labour market in the private sector and ensuring business continuity through an integrated system of packages to support employers and workers in private enterprises, citizens and residents.

Dr Al Falasi said that the committee would serve as an effective platform through which the entities' efforts are combined to implement the 33 flexible package initiatives. He underlined that the first phase of the initiatives would support the continuity and growth of SMEs as it will enhance sales and facilitate access to finance, encourage technology and digital applications, and stimulate innovation in business activities. It will also provide support to the tourism sector and hotel establishments in the country.

— issacjohn@khaleejtimes.com