Abu Dhabi - Sheikh Mohamed bin Zayed ordered stimulus plans today.
Published: Sun 15 Mar 2020, 11:00 PM
Updated: Tue 17 Mar 2020, 8:57 AM
Abu Dhabi announced a stimulus package on Monday following directives from His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The full statement by Abu Dhabi Media Office:
'Following Sheikh Mohamed bin Zayed's directives, the Executive Council has launched a new set of initiatives under Ghadan 21 that aim to preserve Abu Dhabi's economic gains, support the private sector and prioritise supporting startups. The initiatives include:
- Allocating Dh5 billion to subsidise water and electricity for citizens, and commercial and industrial activities.
- Subsidising electricity connection fees for startups until the end of this year.
Also read: Toll charge exemption for all vehicles in 2020
- Exempting all commercial and industrial activities from real estate registrations this year.
- Exempting all commercial and industrial activities from Tawtheeq fees this year.
- Allocating Dh3b to the SME (small medium enterprise) credit guarantee scheme managed by Abu Dhabi Investment Office to stimulate financing by local banks and enhance SME's ability to navigate the current market environment.
- Allocating Dh1b to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stocks.
- Settling all approved government payables and invoices within 15 working days.
- Suspending bid bonds and exempting startups of performance guarantees for projects up to Dh50 million.
- Reducing industrial land leasing fees by 25% on new contracts.
- Waiving current commercial and industrial penalties.
- Exempting commercial vehicles from annual registration fees to the end of 2020.
- Exempting all vehicles from traffic tariff from road tolls to the end of 2020.
- Suspending tourism and municipality fees for tourism & entertainment sectors for this year.
- Offering up to 20 per cent rebate on rental values for the restaurants and tourism and entertainment sectors.
- Establishing 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.
This is a developing story.
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