Abu Dhabi Executive Council is providing a dynamic economic stimulus package to support economic activity, reduce the costs of living, facilitate business in the emirate and protect the UAE's economic stability.
The economic stimulus package includes the following initiatives:
- continuing with all approved capital expenditure and development projects in the emirate, as well as with further measures to preserve Abu Dhabi’s economic gains, prioritising startups and SMEs
- formulating plans to stimulate strategic investment sectors and to form a new committee headed by Department of Finance, with members from Department of Economic Development and local banks to review lending options to support local companies
- developing investment laws and regulations and ensuring their flexibility to maintain Abu Dhabi’s progressive economic development
- allocating AED 5 billion for water and electricity subsidies for citizens and the commercial and industrial sectors, with an intention to reduce the cost of living and support businesses, as well as subsidising electricity connection fees for startups until the end of the year 2020
- allocating AED 3 billion to the SME Credit Guarantee Scheme managed by Abu Dhabi Investment Office (ADIO) to stimulate the ability of SMEs to navigate the current market environment
- allocating AED 1 billion to financial markets to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stock
- exempting all commercial and industrial activities from property registration (Tawtheeq) fees levied by the municipality
- exempting individual and commercial real estate registration fees for this year
- suspending bid bonds and exempting startups from performance guarantees for projects up to AED 50 million
- ·not charging annual vehicle registration fees for commercial vehicles and not levying traffic toll for all vehicles
- ·offering up to 20 per cent rebate on the rental value of the restaurant, tourism and entertainment sectors
- suspending tourism and municipality fees for the tourism and entertainment sectors for this year
- settling all approved government payables and invoices within 15 working days
- waiving all current commercial and industrial penalties
- reducing industrial land leasing fees by 25 per cent for new contracts.