Abu Dhabi unveils a $13.6 billion program to grow public and private sectors and boost SMEs
Abu Dhabi Economic Vision 2030 has put forward the need to build a resilient infrastructure that supports economic growth and develops a highly skilled labor force.
Putting words into action, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ordered the provision of at least 10,000 jobs for Emiratis in the public and private sectors within five years. HH also stated that Abu Dhabi will spend 50 billion dirhams (around USD $13.6 dollars billion) over three years to stimulate its economy, improve the ease of doing business and enhance the career path for the workforce.
These measures aim to support both sectors, with a focus on small and medium-sized enterprises (SMEs) growth through ten initiatives that include the following: exempting all new licences from the requirement of having an office or workspace for two years; allowing permanent home licences and instant licensing in most commercial licence types; accelerating the settlement of due payments on contracts for private-sector suppliers; reviewing fines levied on the healthcare and education sectors and municipalities’ affairs; establishing regulations for the infrastructure and residential, commercial and industrial properties; developing “Abu Dhabi Accelerators and Advanced Industries Council”; developing ecotourism facilities and programs including camping villages and recreational sport areas; and issuing dual licences for Abu Dhabi free zone companies to enable them to work outside the free zones and participate in government tenders, according to Arabian Business.