Abu Dhabi economy to get multi-billion dirham injection
The money will help protect private businesses and ease financial burden on residents…
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces has drafted a collection of initiatives under Ghadan 21.
The initiatives aim to protect the UAE’s economy amid the current global economic challenges arising from the Covid-19 pandemic.
The comprehensive stimulus package includes billions of dirhams of economic investment, assisting individuals and businesses.
Provisions of Ghadan 21 include electricity and water subsidies for residents and the commercial sector, as well as exemptions, waivers, and fee reductions to support businesses and reduce the cost of living.
Abu Dhabi Government Media Office detailed each of the measures on Twitter, with some of the most relevant to Abu Dhabi citizens, including:
- Allocating Dhs5 billion to subsidise water and electricity for citizens, and commercial and industrial activities
- Paying all approved government invoices within 15 working days
- Suspending real estate registration fees for this year
- Waiving current commercial and industrial penalties
- Exempting all vehicles from traffic tariff from road tolls to the end of 2020.
- Suspending tourism and municipality fees for tourism and entertainment sectors for this year
All 16 provisions can be found below:
Directed by Mohamed bin Zayed, Abu Dhabi Executive Council announces 16 new initiatives to support businesses and the community. The fast-tracked #Ghadan21 initiatives to be implemented immediately will enable Abu Dhabi to adapt swiftly to both current and future challenges pic.twitter.com/UYNrdDHxBl
— Abu Dhabi Media Office (@admediaoffice) March 16, 2020
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During a video conference today, Sheikh Mohamed bin Zayed outlined more reasons to remain calm.
I’d like to reassure every citizen and resident of the UAE that our Country is infinitely able to supply everyone with all the food and medicine they could ever need. We are well prepared to face any challenge that arises. pic.twitter.com/EA2tzgsRMU
— محمد بن زايد (@MohamedBinZayed) March 16, 2020
It’s a timely reminder that there is no need to panic buy. Shop considerately, mingle minimally and show compassion for your fellow humans wherever you have the opportunity.