Coronavirus Pandemic

Coronavirus in UAE: Sheikh Mohamed orders stimulus plans

Web Report/Abu Dhabi
Filed on March 16, 2020 | Last updated on March 16, 2020 at 05.14 pm
sheikh mohamed bin zayed, uae stimulus package, coronavirus in uae, covid19

(Reuters file)

UAE had earlier announced a Dh100 billion stimulus package to fight Covid-19 effects.

UAE's leadership continues to provide relief to people and business amid the coronavirus crisis by easing investments laws and regulations to stimulate the economy.

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On Monday, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, took to Twitter to applaud Central Bank's Dh100 billion stimulus package, as well as sharing details of his discussions with officials on ways to stimulate Abu Dhabi's economy as the country fights the effects of coronavirus.

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Sheikh Mohamed directed officials to continue development projects and form a new committee to prepare a stimulus package to support local companies - in turn preserving economic gains.

The full statement:

'I've discussed with officials in Abu Dhabi the current economic and business climate...the existing stimulus programmes in Abu Dhabi and those launched recently by the Central Bank & local governments are the solid pillars that will support and protect the UAE's economic stability.

I've given directives to continue with all approved capital expenditure and development projects in the emirate, and to take further measures to preserve Abu Dhabi's economic gains, prioritising startups and SMEs.

I've given further directives to put plans to stimulate strategic investment sectors, and to form a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies.

Our authorities will continue developing and easing the investment laws and regulations, making them more flexible to maintain our economic development. We are confident in the resilience of our national economy and its ability to navigate market fluctuations.'

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