Wednesday 06, June 2018 by Bloomberg

Abu Dhabi announces three-year AED50 billion stimulus programme

 

Abu Dhabi will spend AED50 billion over three years to stimulate its economy, the oil-rich emirate’s crown prince said

The government will take steps to support new industries, encourage tourism and make it easier to do business, Mohammed Bin Zayed al-Nayhan said on Twitter. He said officials have been instructed to “draw up a working plan for allocations within 90 days.”

The crown prince said he’s “ordered the provision” of at least 10,000 jobs for Emiratis in the public and private sectors over five years. A new council for advanced industries will be created “to attract and support value-added investments,” while the settlement of outstanding payments due to private contractors will be accelerated.

Gulf Arab nations are stepping up efforts to shift their economies away from dependence on oil and gas revenues, by encouraging new industries and attracting foreign investment. The past year’s rebound in crude prices, which climbed back above $70 a barrel, has allowed them more room for government spending. Saudi Arabia also announced a plan this year to revive growth by bolstering public spending.

Abu Dhabi’s stimulus plan follows the announcement last month of a package of measures by Dubai’s ruler and the prime minister of the United Arab Emirates, Sheikh Mohammed Bin Rashid. Abu Dhabi and Dubai are the largest of the seven emirates that make up the UAE

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