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Abu Dhabi introduces 16 economic initiatives amid COVID-19 outbreak

Abu Dhabi introduces 16 economic initiatives amid COVID-19 outbreak
The economic stimulus package aims to mitigate the impacts of the coronavirus epidemic

UAE – Mubasher: The government of  Abu Dhabi has launched 16 initiatives under the emirate’s economic stimulus package, aiming to protect the economy from the repercussions of the coronavirus (COVID-19) epidemic, as directed by Crown Prince of Abu Dhabi, Sheikh Mohamed Bin Zayed Al Nahyan.

The initiatives are part of the Ghadan 21 development accelerator programme, according to a press release on Monday.

The new initiatives include AED 5 billion in water and electricity subsidies for citizens as well as commercial and industrial activities.

A market maker fund worth AED 1 billion will be established to balance between supply and demand for stocks and provide liquidity.

Meanwhile, AED 3 billion has been allocated for the credit guarantee programme to finance small and medium-sized enterprises (SMEs) through local banks.

As part of the efforts to support startups against the COVID-19 outbreak, projects with a capital of AED 50 million or less have been exempted by the Abu Dhabi government from performance guarantees, in addition to subsidizing connecting SMEs to the power grid.

As for the tourism and entertainment sectors, the government has cancelled all tourism and municipality fees for 2020.

At the same time, industrial land leasing fees on new contracts have been decreased by 25%, while real estate registrations fees were suspended in 2020.

Moreover, many industrial and commercial activities have been partially and fully exempted from various fees and duties, while all vehicles will be exempted from registration fees and road tolls until the end of the year.