Timely stimulus heralds a new dawn for Abu Dhabi economy

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A UAE newspaper has said that in a raft of sweeping initiatives which will transform the way we work and live in the capital, two words stand out: together and tomorrow.

“The AED50 billion stimulus package announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, is as far-reaching as it is wide-ranging and will alter the landscape of Abu Dhabi, whether via help for small businesses, creating jobs or boosting tourism,” said The National in an editorial on Thursday.

“The four strata of society upon which Abu Dhabi’s economy depends – residents, citizens, tourists and investors – will all benefit from a string of sagacious economic and social measures. This is the boost the emirate’s non-oil sector has been waiting for.

“The need to re-evaluate the ever-evolving economic landscape made these 10 changes – the latest in a series introduced in recent months across the UAE – necessary, but few could have predicted the scale and speed at which they will be implemented,” it added.

The paper noted, “This year began with the introduction of VAT; just five months later, the government announced the introduction of 10-year visas and 100 percent foreign ownership of UAE companies. They were followed by a series of social reforms in Abu Dhabi, including AED3bn for neighbourhood facilities, double the number of housing loans and increased civic engagement with a volunteering and social innovation platform. All the changes aim to help residents and citizens feel invested in the future growth of their communities – not simply a diversification from an oil-dependent economy but equally, a diversification from feeling life in the capital is a transient pit-stop.”